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HOUSTON, June 9, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it ranked #4 on the Houston Business Journal’s Middle Market 50 list with two-year revenue growth of 162.78%. This marks the second consecutive year that Onit has ranked in the top five on the list.

The Houston Business Journal’s Middle Market 50 Awards honor the fastest-growing for-profit public and private companies in Houston with annual revenue of $28 million to $1 billion. The rankings are based on revenue growth from 2018 to 2020.

“From our inception, Onit has focused on rapid growth through innovation and disruption. That has never changed, even when navigating the challenges presented by the pandemic. In 2020, we added 93 new corporate customers, 330 expansions for existing customers, 22% more employees and two acquisitions, and we are continuing to grow on all fronts in 2021,” said Eric M. Elfman, CEO and co-founder of Onit. “We appreciate this recognition from the Houston Business Journal.”

Onit works with more than one-third of the Fortune 100 companies and processed $5.6 billion in law firm invoices from more than 140 countries in 2020.

During this past year, Onit has debuted four AI offerings for its contract lifecycle management and enterprise legal management, acquired AI legal technology provider McCarthyFinch and the document generation company AXDRAFT and won a listing on the Inc. 5000 for the fifth consecutive year with a three-year growth of 641%.

To learn more about Onit platforms and products, visit onitprostg.wpengine.com or schedule a demonstration at https://onitprostg.wpengine.com/schedule-a-demo/.

About Onit

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, June 3, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that Onit customer BT Group plc has won a prestigious Legal Innovation Award in the category of “Future of Legal Services Innovation – In-house Legal Operations.”

The award recognizes innovation in the delivery of legal services through deployments of new legal and business processes. In less than a year, the BT corporate legal department implemented Onit Apptitude, a business process automation platform, that replaced manual and disconnected process and management tools. The platform helped the department oversee and automate workload and matter management across the teams from inception to closure.

The BT legal department also plans to build and deploy new custom solutions on Onit Apptitude to automate legal operations and compliance processes and better collaborate with business users outside of legal.

“Our vision for transformation reduced the number of systems running our matters by 75% so that we can now manage our matters in one place. In addition, we have brought together business, outsourcing and lawyers on a single platform to ensure accurate data capture and a connected workflow to manage the department’s caseload,” said David Griffin, Head of Technology and Change at BT.

“Congratulations to BT for their well-deserved win. BT built their vision on Onit Apptitude, matter management, legal spend management and legal service requests and transformed their legal operations with smarter workflows with enhanced operational efficiencies. Accomplishments like this exemplify Onit’s driving principle: Make it easier for lawyers to work,” said Eric M. Elfman, CEO and co-founder of Onit.

About the Legal Innovation Awards from Law.com

The Legal Innovation Awards, now in their seventh year, celebrate the outstanding achievements of law firms, chambers, in-house legal departments and alternative business structures. Through recognizing exceptional achievement and best practices, the awards underline the crucial role promoting innovation played by lawyers working in tandem with colleagues in other disciplines such as marketing, business development, finance, IT, project management, operations, PR and recruitment.

About BT

BT Group is the UK’s leading telecommunications and network provider and a leading provider of global communications services and solutions, serving customers in 180 countries. Its principal activities in the UK include the provision of fixed voice, mobile, broadband and TV (including Sport) and a range of products and services over converged fixed and mobile networks to consumer, business and public sector customers. For its global customers, BT provides managed services, security and network and IT infrastructure services to support their operations all over the world. BT consists of four customer-facing units: Consumer, Enterprise, Global and its wholly-owned subsidiary, Openreach, which provides access network services to over 650 communications provider customers who sell phone, broadband and Ethernet services to homes and businesses across the UK.

For the year ended 31 March 2021, BT Group’s reported revenue was £21,331m with reported profit before taxation of £1,804m.

British Telecommunications plc is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange.

For more information, visit www.bt.com/about

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, May 26, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has introduced InvoiceAI, an artificial intelligence offering for first-pass legal invoice review and analytics, to its customers. InvoiceAI is analyzing historical invoices to train its models, while continuously learning from invoices to identify potentially non-compliant charges against a company’s billing guidelines and spend management best practices. This provides an opportunity to guide and retrain outside counsel on the corporate customer’s billing expectations and to demonstrate immediate savings in outside spend to internal stakeholders.

After testing just a few models with a select group of Onit Fortune 100 customers, InvoiceAI uncovered an average of 6-11% of unactioned errors for invoices submitted in 2020. As these datasets were previously processed invoices, these savings surpassed what had already been found by traditional billing rules and the standard review of the invoices.

InvoiceAI from Onit will have general availability in Q3 and is available on a select basis for existing corporate legal customers. Artificial intelligence for invoice review will also be available within the SimpleLegal solution offering cost-saving technology for legal departments at every stage of maturity.

“Traditional legal invoicing and invoice review fail to show a law firm’s value or reveal the compliance and savings sought by corporate legal departments. Even when COVID-19 severely restricted travel in 2020, InvoiceAI identified an average of six figures of savings in travel-related billed time and expenses submitted to customers. It transforms the entire invoice lifecycle, lowering friction and aligning law firms and corporations on expectations and performance,” said Eric M. Elfman, Onit CEO and co-founder. “Expect more AI innovation from us this year, with further enhancements and a general availability launch for InvoiceAI coming in Q3.”

InvoiceAI represents the fourth AI offering from Onit in seven months. In November, the company introduced its AI-based platform Precedent and two AI products for contract lifecycle management, ReviewAI and ExtractAI.

AI, Invoice Review and Corporate Legal Departments

The volume and collective dollar total of invoices have challenged corporate legal departments for decades. Corporate in-house legal teams often struggle to find all the errors and violations in the influx of invoices. Beyond enforcing outside counsel guidelines, a recent poll of Onit customers revealed that some of the top invoice review issues were vague or insufficient details, block billing, improper coding of invoices and work being done by the wrong staff class. All of these issues are difficult for traditional billing rules to uncover and sort.

With corporate legal departments pressed to accomplish more in less time with fewer resources, legal professionals often lack the bandwidth to chase corrections or parse a large number of warnings. InvoiceAI uses machine learning models to find issues such as administrative tasks and improper billing for time during travel and then integrates these findings with existing rules engines for a more intelligent review that continuously learns. As a result, attorneys can quickly review invoices, legal operations can identify non-compliant billing guidelines and harvest early savings and general counsel can gain greater visibility into law firm performance and legal spend metrics.

Complimentary Legal Invoice AI Analysis for Onit and SimpleLegal Customers

To learn more, Onit and SimpleLegal customers can reach out to their account managers for a free AI analysis of 90 days of their historical billing data.

Law departments and insurance companies that are not currently customers can learn more about InvoiceAI and how Onit continues to redefine savings and user experience expectations for legal spend management by emailing [email protected].

About Onit

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, May 18, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it is celebrating its 10th anniversary and a decade of groundbreaking achievements. In 2011, four industry experts started the business with a mission to make it easier for in-house counsel to practice law. Now, it has grown to more than 400 employees and 10,550 customers and has product offerings including workflow automation, business intelligence and artificial intelligence.

The size of the legal technology market is predicted to reach more than $25 billion by 2025. Analysts also forecast that corporate legal departments will spend up to three times more on legal technology in 2025. Onit, with innovative platforms and products for corporate legal, high customer Net Promoter Scores and a focus on innovation, is well-positioned to maintain its market lead.

“Onit is 10, and I am extremely proud of what our company leaders, employees and customers have created,” commented Eric M. Elfman, Onit CEO and co-founder. “We’ve progressed significantly from 2011, when we had two employees and $25,000 in revenue, to a company processing more than $5 billion in legal invoices in one year. We started with one no-code platform and a goal to disrupt enterprise legal management and other legacy technologies for corporate legal. Now, we’ve extended that vision to contract lifecycle management, AI, legal holds, legal service requests and our second AI-powered business intelligence platform, Precedent.”

Onit by the Numbers

 In honor of its “Onitversary,” the company has gathered milestones to illustrate its evolution.

• Onit’s customer base has grown to more than 550 corporate customers worldwide (including 30 Fortune 100 companies) and 10,000 law firm customers.
• Onit has more than 400 employees. During the challenges of 2020, the company protected employees’ jobs and continued to hire aggressively.
• Onit customers have used its platforms to create more than 5,500 Apps and 160 solutions that automate critical processes across the enterprise, including finance, compliance, marketing, sales, IP and more.
• The company has consistently met its sales goals for the last five years.
• Within 20 months following May 2019, Onit acquired three companies, including legal operations software provider SimpleLegal, legal AI provider McCarthyFinch and AXDRAFT, a document generation and automation platform.
• From 2015 to 2020, the company saw its most prolific growth to date, totaling just over 1,600% in revenue growth.
• Onit has won numerous awards based on growth, including rankings on the Inc. 5000, Deloitte Technology Fast 500 and the Houston Business Journal Fast 100. These awards also include three years on the Houston Chronicle’s Top Workplaces list and an entry on the Forbes Best Startup Employers list.
• Onit and its customers have won seven joint awards, including being named Association of Corporate Counsel’s Value Champions and earning Legal Innovation Awards.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, May 11, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced a substantial update to its ReviewAI software product. Smart Checklists, offered as part of the ReviewAI Word Add-In, seamlessly integrates AI with how lawyers work, enabling in-house teams to better tackle remote and hybrid work challenges. Smart Checklists automates and augments contract review, turning playbook checks into intelligent, actionable and collaborative tasks. It tracks what’s important, what to do next and what is done – all in an intuitive solution that requires no training.

As a result, lawyers save upward of 52% of their time on contracts and experience reduced mental burden, while legal teams improve consistency, lower contract risks and better support the business.

Integrated with Onit’s contract lifecycle management technology, ReviewAI and its Smart Checklists dramatically accelerate contract management.

“Lawyers want to reduce tasks that are time-consuming and repetitive so they can focus on more strategic work. Contracts represent a particularly painful process, as they require numerous contributors across business units and often take multiple sessions to review and approve. With closing and reopening contracts, lawyers are often trying to keep track of where they left off for each one or where in a negotiation they’ve gotten to,” said Jean Yang, Vice President of Onit’s AI Center of Excellence. “ReviewAI’s Smart Checklists revolutionizes contract lifecycle management with AI that goes beyond alerts and does the work. With AI-enabled checklists in Microsoft Word, it allows in-house counsel to simply work through their playbook and collaborate with confidence that they have finished all the items in a review.”

An Enhanced ReviewAI Experience

ReviewAI uses artificial intelligence to quickly and accurately review, redline and edit all types of contracts in less than two minutes. Business users outside of corporate legal departments can automatically receive a reviewed and redlined contract via email or a self-service portal. The ReviewAI Word Add-in, designed for lawyers and contract professionals, automatically reviews and redlines dozens of contract types out of the box, such as NDAs, MSAs, SOWs and purchase agreements based on corporate standards.

The addition of the Smart Checklists enhancement elevates the already powerful ReviewAI experience, allowing for deeper AI assistance and the ability to implement commercial checklists that result in actionable tasks relevant to corporate legal and other departments across a business. The AI technology reduces the mental burden of contract review, eliminates rereading and communication issues and streamlines negotiations.

Availability

ReviewAI Smart Checklists is available within Onit’s ReviewAI software now. Interested parties can view a short product demonstration by visiting here or schedule a demo here. Onit customers can contact their account managers to learn more.

See ReviewAI and its Smart Checklists Feature During Legalweek(year)

On May 11 at 2:15 p.m. EDT, Nick Whitehouse, General Manager of Onit’s AI Center of Excellence, will present for Legalweek(year) on “Contract AI That’s Not Just Alerts, It Does the Work!” He will discuss how to avoid forgotten, missed or outdated contract review items with AI and include a demonstration of ReviewAI and its Smart Checklists. Attendees can access the presentation by visiting the Onit Sponsored Channel at Legalweek(year). To get to Onit’s channel, simply click on the Onit logo in the What’s Next box on the main conference page or visit the sponsor channels link in the main navigation and find Onit. Registration for Legalweek(year) is available here.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, April 29, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today introduced a new look and feel for its products. The enhanced design allows corporate legal professionals, Onit App builders and business collaborators in departments such as compliance, sales and IT to create, collaborate and get more done in fewer clicks. Video is available here.

When paired with Onit’s no-code platforms, Apptitude for workflow automation and the AI-based Precedent for business intelligence, the intuitive experience enables corporate legal to build business solutions, gain greater user adoption and maximize productivity.

“With Onit, it’s about working the way you think. We’re making it easier with every new product enhancement and experience for in-house counsel to practice law and offset inefficiency. Our new look serves the same mission, making it even simpler to navigate and complete tasks so that our customers can focus on higher-value contributions,” said Eric M. Elfman, CEO and co-founder of Onit.

Onit Process Builder – A Visual Interface for Onit App Building

A crucial, complementary feature to Onit’s new look is Process Builder. Introduced last summer as part of its workflow platform Apptitude, Process Builder allows users to build and manage business logic and workflows with a visual interface. Builders configure logic by dragging and dropping actions and groups of actions exactly where they need to go, meaning corporate legal can quickly build Apps without relying on or waiting for technical resources. To date, more than 5,500 Apps and 130 solutions have been constructed on Apptitude, covering use cases for business continuity, trade association approval and management, fund management and more.

Onit also hosted its Hack the House competition last fall, where five teams of Onit Fortune 500 customers, industry partners and staff experts built Apps in the span of three weeks. The Apps helped overcome challenges related to diversity, IP, compliance and more. You can read more about the Apps and the business needs behind them here.

Onit’s new look is now available. Customers can reach out to their account managers to learn more or view the video here. To schedule a demo, visit here.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, April 6, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has appointed Brad Rogers as Senior Vice President of Strategy and Growth.

Rogers has more than two decades of transformation leadership experience in organizations including Bank of America, GE and JPMorgan Chase. He previously served as Chief Operations Officer and Chief of Staff for Advocacy and Oversight at a Fortune 100 global financial services company with more than $1 trillion in assets under management and 14,000 employees globally. While there, he had a leadership role in building legal operations capabilities designed to drive productivity and cost reductions.

At Onit, Rogers will focus on developing, executing and sustaining corporate strategic initiatives that advance its aggressive growth trajectory and innovation.

“Brad is a respected thought leader in our industry and has developed a stellar track record of accomplishments in digital and legal operations transformations. He also has in-depth knowledge of Onit platforms and products, as he has used our technology for years to execute his vision. I enjoyed working with him as a customer and look forward to his contributions to our strategic endeavors,” commented Eric M. Elfman, CEO and founder of Onit.

“When I first heard about this opportunity at Onit, I was intrigued. I’m a believer in its technology, people and potential. General counsel and their corporate legal departments are striving to gain more efficiency and increase collaboration across enterprises as a whole. Business process automation and intelligence platforms provide a foundation for unlimited technological advancements. I’m excited to join the team to help further the company’s innovation and growth,” said Rogers.

Rogers holds an MBA in competitive strategy and quantitative methods, a bachelor’s degree in mechanical engineering and a Master Black Belt in Six Sigma Quality and Change Management.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.