Forbes – Onit Named by Forbes as One of America’s Best Startup Employers for 2021
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Onit Named by Forbes as One of America’s Best Startup Employers
HOUSTON, March 17, 2020 – 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 Forbes has ranked it #160 out of 500 total companies on its list of America’s Best Startup Employers for 2021. The awards program, which researches and identifies up-and-coming companies liked best by their employees, evaluated more than 2,500 businesses on employer reputation, employee satisfaction and growth.
“The pandemic presented multiple challenges that led us to reevaluate how we do business. But no matter what, we prioritized our employees, protected jobs and continued to hire. We hired more employees in 2020 than in 2019, and we will hire even more this year as we continue to grow,” said Eric M. Elfman, CEO and co-founder of Onit. “I’m excited that Forbes has acknowledged Onit as a leading employer. Recognition like this and our commitment to the talent that powers Onit ensure our ongoing success in 2021 and beyond.”
The 500 companies on the list of America’s Best Startup Employers have had to rapidly pivot business strategies and employee outreach in 2020 because of the global pandemic and the new normal virtual environment. Onit embraced a multilayer approach for employee engagement that included transparent and two-way communications, fun virtual events, gift cards, care packages and additional time off to ensure mental and physical health.
Additional Awards
Last year marked an exceptionally busy one for Onit. It acquired a legal AI company McCarthyFinch and document automation provider AXDRAFT, launched three AI offerings (business intelligence platform Precedent and contract AI software ReviewAI and ExtractAI) and added more than 500 new customers, expansions for existing customers and implementations.
Onit has earned multiple awards for its strong growth and employee commitment. Deloitte named it #190 on its Technology Fast 500 in October. Growjo listed Onit as #52 for growth in the technology services category, #20 for Texas and #648 on its overall Growjo 10K. And Inc. Magazine and the Syracuse University’s Institute for Veterans and Military Families included Onit on their Vet100, a list of the 100 fastest-growing veteran-owned businesses. The company also won recognition locally from both the Houston Business Journal (#9 on its 2020 Fast 100 and #3 on the inaugural Middle Market 50 awards) and the Houston Chronicle (#30 on its Top Workplaces awards program, along with the program’s only Communications Award).
About the Forbes America’s Best Startup Employers Awards Program
To be considered for the award, employers must have their headquarters based in the U.S., be founded between 2011 and 2018 and have more than 50 employees. Forbes partnered with market research company Statista to identify the candidates liked best by their employees, analyzing more than seven million data points for its list of 500. All companies considered were started from scratch and not spun out of existing enterprises.
See the complete list 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.
Onit Further Advances its Contract Lifecycle Management Technology with an Enhanced Legal Artificial Intelligence Integration
HOUSTON, March 10, 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 released an enhanced integration between its Contract Lifecycle Management (CLM) product and ReviewAI, which uses AI to review and redline documents in two minutes or less.
The integration combines the power of automation and AI into one solution that accelerates all phases of contract management.
“We’re committed to digital transformation for corporate legal and making it easier for corporate counsel to practice law. Part of that process is freeing them from unnecessarily manual work – something AI does very well. With this seamless integration, business users submit contracts to legal, and AI immediately tackles contract review fundamentals. It notes recommendations and a risk profile before an attorney even opens the document. This integrated feature, combined with end-to-end CLM automation, increases productivity by more than 50% while reducing risk and improving consistency,” said Eric M. Elfman, CEO and co-founder of Onit.
Continued Commitment to AI and Legal Technology Innovation
The newly enhanced integration of Onit’s Contract Lifecycle Management and ReviewAI is further evidence of the company’s AI innovation. In November, it launched its AI Center of Excellence, the AI-powered business intelligence platform Precedent and ReviewAI. The company’s rollout of AI continues its fast-paced momentum, with it set to deliver additional contract lifecycle management AI features soon, along with its release of InvoiceAI in May. InvoiceAI is AI-assisted invoice review for legal spend and enterprise legal management.
Increasing Productivity for Contract Management and Review
Onit’s CLM product empowers legal and business teams with end-to-end automation of their entire contract management process for greater governance, speed and visibility. It provides a cloud-based contracts repository with automated functionality that streamlines and supports all phases of the contract lifecycle from capture and creation through negotiations and approvals to execution and post-execution management. The technology has won accolades from the Association of Corporate Counsel and the Legal Innovation Awards.
Onit’s ReviewAI quickly and accurately reviews, redlines and edits all types of contracts in minutes, including NDAs, MSAs, SOWs, purchase agreements, lease agreements, employment agreements, construction and subcontracting agreements. According to a recent study, ReviewAI quickens contract review by 60-70% and increases productivity by 51.5%. Team leaders reported reallocating 15% of their time from contract work to higher-value activities.
You can schedule a demonstration here to learn more about Onit CLM, ReviewAI and the enhanced integration.
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.
Onit Continues High-Growth Trajectory, Attaining Important Milestones in 2020 and Positioned for Greater Growth in 2021
HOUSTON, January 26, 2021 – Onit, Inc., a leading provider of enterprise workflow solutions and artificial intelligence, including enterprise legal management, contract lifecycle management and business process automation, today announced that it attained significant milestones in 2020 including two acquisitions, expansion of its presence to five continents, the addition of 93 new customers and more than 330 expansions for existing customers, 90 customer implementations and a market-leading NPS score.
“While Onit faced pandemic-related challenges similar to many other businesses, we succeeded by focusing on what matters most: our customers, innovation and employees,” said Eric M. Elfman, CEO and co-founder of Onit. “We introduced OnitCX, a structured program dedicated to customer success and created Lean Into LegalOps, an online forum for legal operations professionals to share and learn that had close to 3,000 registrations in 2020. Our dedication to innovation informed our acquisition strategy, allowing us to become the first company in our space to offer two platforms: Apptitude, our workflow and business process automation platform, and Precedent, our business intelligence platform. We also never lost sight of one of our most important assets: our employees. While other businesses were reducing their workforces, Onit maintained its headcount and continued to hire, expanding our employee numbers by 22% worldwide and reaching a total of nearly 400. I credit the unceasing dedication and efforts by all of our employees for standing up to the challenges of 2020 and making us even stronger than ever before. We are well positioned for continued growth in 2021, which has been our trajectory since the founding of the company.”
Acquisitions and Product Innovation
In the past 20 months, Onit has acquired three companies – SimpleLegal in 2019 and McCarthyFinch and AXDRAFT in 2020.
McCarthyFinch reinforced Onit’s innovation strategy by delivering powerful AI-based workflow and business process automation solutions. The technology is now an integral component of Onit’s new business intelligence platform Precedent and the company’s first release on Precedent, ReviewAI, focused on the pre-signature phase of contract management and using AI to quickly review, redline and edit all types of contracts. McCarthyFinch is now the Onit AI Center of Excellence, with a mission to further AI innovation for Onit and SimpleLegal products.
Onit’s second acquisition in 2020, AXDRAFT, expands its contract lifecycle management offerings with document automation technology that drafts contracts and other legal documents in less than five minutes. AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary.
Other essential product innovations for Onit in 2020 included the launch of Process Builder for its no-code platform Apptitude, a new visually oriented, drag-and-drop-friendly, workflow-building interface that greatly simplifies the creation of workflows and business logic for all users – regardless of technical proficiency. The company also introduced its CLM Quick Start implementation package that allows companies of all sizes to streamline the entire contract process, reduce processing time and achieve higher contract compliance rates in less than 30 days.
Additional Compelling Milestones
Onit counted other important milestones during 2020, including:
- The company’s world-class Strategic Alliances program continued to grow, with Onit partners supporting more than 40 go-lives and 64 members from partner organizations Onit-certified in 2020.
- The training of 243 Onit employees, partners and customers in 43 sessions with 291 certification levels granted.
- More than $5.6 billion in law firm invoices processed in more than 140 countries.
- Its inaugural hackathon, Hack the House. The friendly competition featured legal operations professionals building useful workflow solutions on Onit Apptitude over a three-week period. Solutions solved challenges related to diversity, trademark renewals, mentoring and pro bono work. Demos are available here.
Awards and Recognition
Amid the ongoing pandemic in 2020, Onit won more than 15 awards based on accomplishments such as fast growth, customer success and company culture. These awards include:
- A listing on the Inc. 5000 for the fifth consecutive year with a ranking of #737 and three-year growth of 641%, coming in at #70 on the Inc. Fastest Growing Companies in Texas list and selection as one of the Inc. Private Titans, a list of the most iconic private companies in the United States as compiled by Inc. Magazine. Onit also ranked for the third consecutive year on the Deloitte Fast 500 at #190 and on the Houston Business Journal Fast 100 list at #9.
- Winning the award for Top Communicator and a ranking of #30 for the Houston Chronicle’s Top Workplaces. This is the third year Onit has been on this list.
- Leader ranking in IDC’s MarketScape reports for Enterprise Legal Spend Management and Matter Management.
- Winning the ACC Value Champion award with Onit customer Pearson and partner Morae Global for Pearson’s Transactional Services Center, which improved contract turnaround time by 30% and reduced the annual cost of service delivery by 35%.
2021 Outlook
“In 2021, we will capitalize on the lessons learned during this pandemic and our new technologies including artificial intelligence and document automation to increase growth,” commented Elfman. “Businesses spend more than half a trillion dollars every year on enterprise software. Much of that software works as a system of record rather than a system of engagement that better fits the needs of today’s modern knowledge workers like lawyers and legal operations professionals. The enterprise software market, especially for legal, is ripe for greater disruption, positioning us for continued success in 2021 and beyond as the innovative technology provider legal professionals know worldwide.”
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.
Onit to Lead Discussion on Artificial Intelligence for Contract Management at Legalweek 2021
HOUSTON, January 19, 2021 – Onit, Inc., a leading provider of enterprise workflow solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that experts from Onit and Adobe will present on AI and contract management at the first session of 2021 for Legalweek(year). The CLE-eligible virtual discussion, scheduled for Tuesday, February 2, at 3:45 p.m. EST and titled “The Potential Impact of AI on Managing Contracts,” will center on the challenges of contract drafting and review and how AI and automation can address them.
The pandemic has underscored the growing need for efficiency and cost savings for corporate legal departments. Contract management is a process ripe for digital transformation, as manually reviewing and drafting contracts can take up to 70% of an in-house legal department’s time. When AI is properly and strategically applied, the results can be substantial. For example, in a recent study, new AI users became 35% more efficient with their time and 51.5% more productive and users discovered cost reductions of 33% related to contract processing.
A panel of experts will tackle this topic, examining the impact of AI and automation on contract lifecycle management. They’ll also discuss how lawyers can dramatically streamline many activities typical of contract work, such as redlining, comparing clauses to corporate standards and ensuring that fine details comply with corporate policy. The speakers include:
- Stasha Jain, Vice President of Legal and Compliance for Onit, an attorney with extensive experience for organizations including Onit, ZS Associates, Hewitt Associates and Venture Law Group
- Nick Whitehouse, General Manager of the Onit AI Center of Excellence, an AI expert focused on digital transformation for legal organizations
- Jean Yang, Vice President of the Onit AI Center of Excellence, a technologist who began her career as a solicitor and was named the Emerging ICT Leader of the Year 2019
- Letitia Hsu, CIPP/US, Associate Legal Counsel, Adobe Inc., in-house counsel within Adobe’s product legal group with experience in privacy, data security and intellectual property matters
To register for Legalweek(year) visit here.
Onit, AI and Contract Lifecycle Management
Onit recently launched two new AI-enabled technologies. Precedent, an artificial intelligence platform, reads, writes and reasons like a lawyer while automating and improving legal and business processes. ReviewAI uses artificial intelligence to quickly review, redline and edit all types of contracts. Nonlegal business users can automatically receive approved contracts via email or a self-service portal in less than two minutes. Lawyers and contract professionals can use the ReviewAI Word Add-in to automatically review, redline and edit contracts, including NDAs, MSAs, SOWs, purchase agreements, lease agreements and more against corporate standards. To schedule a demo or learn more, visit here.
Visit Onit During Legalweek(year)
Legalweek(year) attendees are invited to join exclusive demonstrations of Onit’s AI and automation technologies. Onit will be holding group and individual product demonstrations of ReviewAI and Precedent, as well as its solutions for Contract Lifecycle Management, Enterprise Legal Management and Legal Service Request. Email [email protected] for more information or to schedule an appointment.
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.
Onit Ranks #190 on the 2020 Deloitte Technology Fast 500™ Fastest-Growing Companies List
HOUSTON, December 21, 2020 – Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced it has come in at #190 on Deloitte’s Technology Fast 500™, a prestigious ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America. This is the third consecutive year Onit has been included on the list, thanks to revenue growth of 641% between 2016 and 2019.
“Onit is focused on aggressive growth, which we have achieved by never losing sight of what is most important for our customers – providing innovative offerings that significantly streamline critical business processes for corporate legal teams and the departments they support,” commented Eric M. Elfman, CEO and co-founder of Onit. “This inclusion in the Deloitte Technology Fast 500 would not have been possible without the collective efforts and exceptional dedication of our entire team worldwide. As we look at strategic planning for 2021, we will continue focusing on what we value the most: our customers, our people and our passion for legal technology and innovation.”
“For more than 25 years, we’ve been honoring companies that define the cutting edge, and this year’s Technology Fast 500 list is proof positive that technology – from software and digital media platforms to biotech – truly does permeate so many facets of our lives,” said Paul Silverglate, vice chairman, Deloitte LLP, and U.S. technology sector leader. “We congratulate this year’s winners, especially during a time when innovation is needed more than ever to address the monumental challenges posed by the pandemic.”
Now in its 26th year, the Deloitte Technology Fast 500 is the leading technology awards program in North America. Combining technological innovation, entrepreneurship and rapid growth, Fast 500 companies – large, small, public and private – span a variety of industry sectors and are leaders in hardware, software, telecom, semiconductors, life sciences and emerging areas, such as energy technology.
Additional Growth Awards
In addition to the Deloitte Technology Fast 500, Onit has earned two other revenue-based awards this quarter.
First, the Growjo list of the fastest-growing companies in the world included Onit at number 4 for Houston, number 52 for the technology services category, number 20 for Texas and number 648 on the Growjo 10K. This is the second year Onit has been included on this list.
Next, Inc. Magazine and Syracuse University’s Institute for Veterans and Military Families named Onit to its list of the 100 fastest-growing veteran-owned businesses – the Vet100. The ranking was developed along the same lines as the iconic Inc. 5000 list of the fastest-growing private companies based in the U.S. Elfman is a veteran who served in the Navy for a decade prior to starting his career as a serial entrepreneur.
2020 Performance and Beyond
Onit is positioned to continue growing this year and beyond. In the past 19 months, the company has acquired SimpleLegal, McCarthyFinch and AXDRAFT. In November, the company introduced AI technology with its second platform, the Precedent Intelligence Platform, and ReviewAI, software that uses artificial intelligence to quickly review, redline and edit all types of contracts. Now, Onit is the only company in its space with two platforms – Precedent and Apptitude, its no-code business process and automation platform. To date in 2020, the company has added 140 new employees worldwide.
About Onit
Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion-dollar legal departments bridge the gap between systems of record and systems of engagement. We help customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.
Onit Acquires AXDRAFT, Expanding its Contract Lifecycle Management Offerings with Robust Document Automation
HOUSTON, December 17, 2020 – Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired AXDRAFT, a Y Combinator-backed document automation company. The company helps corporate legal departments draft legal documents 10 times faster and complete contracts like nondisclosure agreements and service agreements in less than five minutes. Based in Kyiv, Ukraine, it was founded in 2017 and works with customers including Sandoz and Louis Dreyfus Company.
AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary. This acquisition is Onit’s third in the last 19 months and the second deal announced in 30 days.
“The acquisition of AXDRAFT underscores our continued commitment to innovation for all of our offerings and particularly in the area of contract lifecycle management,” said Eric M. Elfman, CEO and co-founder of Onit. “In 30 days, we’ve added an AI-based contract management product that significantly streamlines contract review, and now with AXDRAFT, we offer lightning-speed, error-free and multilingual contract drafting.”
In November, Onit acquired legal AI company McCarthyFinch and immediately launched Precedent, its intelligence platform, and ReviewAI, software that accelerates contract review by up to 70% and improves user productivity by more than 50%.
“Disruption is in Onit’s DNA, from launching the industry’s first no-code business process and automation platform, Apptitude, to bringing machine learning and natural language processing to the practice of contracting with Precedent and ReviewAI. We’re also the first in our space to offer two platforms, one for workflow automation and one for artificial intelligence. AXDRAFT is a disruptor to old-line businesses in the document generation space and our guidance and resources will help the company scale significantly, secure new customers worldwide and contribute to Onit’s aggressive growth strategy,” continued Elfman.
AXDRAFT offers a proprietary algorithm with streamlined and extensible document drafting in multiple languages, including Chinese and Japanese. It supports live document preview and data integrations. With the algorithm, a document of any complexity can be transformed into a simple Q&A process.
AXDRAFT will be led by co-founder Yuriy Zaremba, who is now General Manager. Co-founder Oleg Zaremba, who holds master’s degrees in applied mathematics, material sciences and quantum physics, will serve as CTO.
“When I was a lawyer, I experienced how routine legal work can be when you draft the same types of documents over and over again. It’s a process that invites mistakes and keeps attorneys from focusing on higher-value contributions. That led me to start AXDRAFT with Oleg,” explained Yuriy Zaremba. “AXDRAFT drafts the contracts and other legal documents in less than five minutes, making it significantly easier for legal professionals to maintain accuracy and collaborate with the businesses they support. We’re excited to join Onit and begin the next phase of the company’s evolution.”
“One of the core differentiators of AXDRAFT is our proprietary document automation language. It allows us to quickly onboard customers’ documents into AXDRAFT at no cost and offer a truly turnkey solution,” said Oleg Zaremba.
AXDRAFT is available immediately as a stand-alone, out-of-the-box document automation tool. To learn more about the acquisition, listen to the Onit podcast featuring Eric Elfman and Yuriy Zaremba or visit AXDRAFT online.
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.
Vet 100 List, in collaboration with Inc. 5000
Onit Wins Top Workplaces 2020 Award from the Houston Chronicle
HOUSTON, December 10, 2020 – Onit, Inc., a leading provider of enterprise workflow solutions, including enterprise legal management, contract lifecycle management and business process automation, has been named to the list of the Houston Chronicle’s Top Workplaces for the third year in a row. The awards program recognizes the most sought-out businesses from more than 14,000 employers in the Houston region.
The list is based solely on employee feedback gathered through a third-party survey and measures 15 drivers of engaged cultures critical to any company’s success, including organizational health, engagement and satisfaction.
In addition to ranking number 30 on the list, Onit earned the program’s only Communications Award. The award, also based on employee feedback, is reserved for the organization continually going above and beyond to keep employees informed.
“Employees are our most valuable asset and an integral part of our mission. They are who make us successful as a company,” said Eric M. Elfman, CEO and co-founder of Onit. “In a time when other companies are reducing workforces, Onit committed to not only protect its employee base but also expand it. By the end of 2020, we will have close to 400 employees globally and plan to continue hiring in the new year.”
Onit takes employee satisfaction seriously, with a full-time director of organizational health and regular methods for evaluating employee engagement and gathering feedback. It also recognized the need for increased two-way communications during challenging times. When the pandemic hit in March, Onit expanded its worldwide town hall meetings from quarterly to biweekly to help its employees understand how conditions are affecting business and how the company is addressing those challenges. Each session also includes Q&A time with Onit leadership, supporting the company’s commitment to transparency.
Onit Careers
For Onit, people are the key to continued innovation and success. Visit Onit Careers to view current job openings and apply.
2020 Awards for Onit
This honor joins a growing list of ones Onit has earned this year. The company has more than 10 this year, many of them linked to the company’s cumulative growth and increased revenue over the past three to five years. Inc. included Onit on its Inc. 5000 (#737) and 250 Fastest-Growing Companies in Texas (#70) as well as its Private Titans list, which names the 1,000 largest iconic private companies in the United States. The Financial Times placed Onit as #153 on its 500 Fastest-Growing Companies in the Americas roster, and Growjo’s list of fastest-growing companies ranked Onit at number four for the city of Houston, 52 for the tech services category, 20 for the state of Texas and 648 on the Growjo 10K.
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.
Onit Acquires New Zealand-based McCarthyFinch to Drive Innovation with Artificial Intelligence and Workflow Automation
HOUSTON – November 17, 2020 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract lifecycle management and workflow automation, today announced that the company has acquired McCarthyFinch and its artificial intelligence platform that accelerates contract reviews and approvals by up to 70% and increases user productivity by more than 50%.
The acquisition reinforces Onit’s innovation strategy to deliver powerful AI-based workflow and business process automation solutions. The company plans to further its innovation through AI by evolving its product offerings as well as the software provided by its legal operations management software subsidiary SimpleLegal.
The technology will become an integral component of Onit’s new artificial intelligence platform Precedent, and the company’s first release on the platform will be ReviewAI.
“Our vision is to build AI into our workflow platform and every product across the Onit and SimpleLegal product portfolios,” stated Eric M. Elfman, Onit CEO and co-founder. “AI will have an active role in everything from enterprise legal management to legal spend management and contract lifecycle management, resulting in continuous efficiencies and cost savings for corporate legal departments. Historically, legal departments have been thought of as black boxes where requests go in and information, decisions or contracts come out with no real transparency. AI has the potential to enhance transparency and contribute to stronger enterprisewide business collaboration in a way that conserves a lawyer’s valuable time.”
McCarthyFinch’s breadth of AI expertise from lawyers, technologists and data scientists speaks to the ever-evolving needs of the legal profession and Onit customers.
“AI is a natural extension of our evolution,” continued Elfman. “In addition to acquiring award-winning technology, we have gained some of the brightest minds in the AI space.”
Nick Whitehouse, McCarthyFinch’s CEO and co-founder, is now the general manager of the newly rebranded Onit AI Center of Excellence. He has focused on digital innovation and AI for more than 15 years and was recognized in 2019 as the IDC DX Leader of the Year for his advocacy across the legal industry and Australasia. He is joined by McCarthyFinch’s vice president of legal, Jean Yang, who is now vice president of the Onit AI Center of Excellence.
“McCarthyFinch has been dedicated to building world-leading AI that augments lawyers and helps automate low-value and time-intensive manual legal processes. Drafting contracts and redlining documents shouldn’t take up 70% of a lawyer’s time, as statistics suggest. There’s a better way to work,” stated Whitehouse. “With AI, we’ve dramatically changed the contract management lifecycle and enabled businesses to move faster, provide higher-quality services and lower the cost of legal services. We are excited to join the Onit team and apply AI to Onit’s contract lifecycle management solution and expansive product offerings.”
Onit Is AI: Introducing Precedent and ReviewAI
Onit’s new intelligence platform, Precedent, is uniquely positioned to complement its existing workflow automation platform, Apptitude, and drive AI and digital transformation in the legal market. The Precedent intelligence platform reads, writes and reasons like a lawyer, enabling legal and business professionals to get more work done faster. It combines machine learning and natural language processing so legal teams can automate tasks and processes to make them more efficient, cost-effective and faster.
The first release on the Precedent intelligence platform, ReviewAI, focuses on pre-signature contract review. Law departments need a rapid path through drafting and negotiation to contract closure so they can accelerate the pace of doing business, increase contract compliance and enhance employee productivity. Using ReviewAI, lawyers can streamline intelligent activities like contract creation, redlining, complex negotiations and risk rating contracts on their terms. Through Precedent, ReviewAI learns from the vast inventory of a company’s contracts, leverages the company’s playbook and presents the results in a Microsoft Word plug-in so the legal team can work where it is accustomed to operating. Legal and contract teams can save up to 70% on review time, increase contract compliance and lower company risk.
To learn more about the acquisition, listen to the Onit podcast featuring Elfman and Whitehouse and visit us online.
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.