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Accomplished software executive to spearhead the next phase of growth and customer success.

Houston, TX – January 16, 2024 – Onit, Inc. announced that longtime software executive Michael Farlekas will join the company as Chief Executive Officer, effective March 1, 2024. Onit is the leading provider of legal workflow solutions for enterprise legal management, contract lifecycle management, and business process automation. Current CEO and co-founder Eric Elfman will move to the role of Vice Chairman of the Board of Directors.

Michael Farlekas

“When Onit was founded thirteen years ago, we had an ambitious goal to make legal a strategic partner to the business. Since then, we have become a recognized market leader, serving over 3,000 customers globally, providing hundreds of workflow automation applications and end-to-end solutions for Enterprise Legal Management and Contract Lifecycle Management. I’m excited to welcome an individual with Michael’s deep experience in scaling growth businesses to lead this next chapter of Onit’s journey and look forward to supporting him and the team as a member of our Board.” said Mr. Elfman.

Mr. Farlekas will lead all aspects of the company, focusing on driving customer value and accelerating the adoption of modern, legal-related business processes through automated, intelligent, and comprehensive software solutions. He brings to Onit an extensive track record of successful executive leadership, boasting over two decades of experience in sales, marketing, and leadership within the realm of enterprise software and operations.

Most recently, Mr. Farlekas led E2open to unprecedented growth over the past eight years. As CEO, he completed fourteen acquisitions to grow the customer base to more than 420,000 manufacturing, logistics, channel, and distribution partners through a network tracking over fourteen billion transactions annually. Previous executive roles include successful stints at Roadnet Technologies and RedPrairie.

“I am honored to join Onit and to have the opportunity to work with our customers and talented team,” said Mr. Farlekas. “Onit today has a market-leading global footprint and a strong passion for customer satisfaction and innovation. I am committed to building on this great foundation and leading the company towards scalable and profitable long-term growth in the industry.”

“We are delighted to welcome Michael to the Onit team,” said Mike Velcich, Partner at K1 Investment Management. “He is a proven business leader with an excellent track record of scaling businesses for the long term. We look forward to working with Michael to accelerate Onit’s momentum, fostering continued expansion and value creation for customers and stakeholders.”

About Onit
Onit, Inc. is a global leader in AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. Companies can transform best practices into smarter workflows, better processes, and operational efficiencies through Onit’s enterprise legal management, matter management, spend management, contract lifecycle management, and legal hold solutions. It helps transform how corporate legal departments with mid-market to Fortune 500 companies bridge the gap between systems of record and systems of engagement.

For more information, visit onit.com.

About K1
K1 is a global investment firm that builds category-leading enterprise software companies. K1 partners with strong management teams of high-growth technology businesses to help them achieve successful outcomes. With over 125 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes with operationally focused growth strategies designed to rapidly scale portfolio companies. Since the inception of the firm, K1 has partnered with over 200 enterprise software companies including industry leaders such as accessiBe, Atera, Checkmarx, Complysci, ControlUp, Emburse, Employ, Granicus, HR Acuity, IronScales, Onit, RethinkFirst, Reveal-Brainspace, RFPIO, simPRO, Smarsh, Technomile, XTM International and Zapproved.

For more information, visit k1.com and follow K1 Investment Management on LinkedIn.

Legal technology leader earns honors for innovation, technology, and growth

HOUSTON – Nov 9, 2023 - Onit, Inc., the leading provider of legal workflow solutions including enterprise legal management, contract lifecycle management, and business process automation, today announced its list of significant awards and honors received throughout 2023.

“The prominent industry recognition for Onit shows our continuous commitment to our mission — helping to connect legal departments more materially to the broader enterprise with customized workflows that meet you where you work,” said Eric M. Elfman, CEO and co-founder of Onit. “It’s a testament to our team’s hard work, dedication, innovation, and technological skills.”

The 2023 list of accolades demonstrates the expansion of Onit’s customer base from mid-sized companies to large, global enterprises across a broader set of leading solutions that have resulted from both in-house product development and acquisitions.

Onit, Inc.’s top awards and honors this year include:

• LegalTech Breakthrough Award: OnitX platform awarded “Overall Contract Automation Solution of the Year”; SimpleLegal Enhanced Reporting feature awarded “Overall LegalTech Data Solution of the Year.”
• Business Intelligence Group’s Artificial Intelligence Excellence Awards: SimpleLegal’s new SimpleReview capability named a “Product Winner.”
• Business Intelligence Group’s Awards for Business: SimpleLegal’s Enhanced Reporting feature named “Product of the Year.”
• Theorem Awards: Onit recognized as the “LegalTech Company of the Year (Leader)” and for “Enterprise Legal Management (Leader).” SimpleLegal recognized as the “Best Overall Legal Operations Platform.”
• IDC MarketScape: Onit, Inc. named a “Leader” in “Worldwide Enterprise Legal Management Software 2023 Vendor Assessment.”
• Hyperion Research: OnitX CLM selected as an “Advanced Solution in Contract Lifecycle Management”
• Houston Chronicle Top 100 Houston Private Companies: Onit listed at #42.
• Houston Business Journal 2023 Fastest-Growing Houston-Area Middle Market Companies: Onit listed at #25.
• Houston Business Journal’s Largest Houston-area veteran-owned business: Onit listed at #4.
• INC Regionals Fastest-Growing Company (Southwest): Onit listed at #125.
• TrustRadius 2023 Tech Cares Award: Onit recognized for “going above and beyond to embody compassion and exceptional corporate social responsibility.”
• XLive’s 2023 Customer Hero: Awarded to Support Engineer Stephen Sanchez of SimpleLegal.

About Onit

Onit, Inc. is a global leader of AI-enabled workflow automation 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. It helps transform how mid-market to Fortune 500 companies and corporate legal departments bridge the gap between systems of record and systems of engagement.

For more information, visit onitprostg.wpengine.com.

Additional Resources

For more company news, industry trends and best practices from corporate legal innovators, read the Onit blog and follow us on LinkedIn.

Onit Catalyst for Contracts Delivers Dynamic Contract Insight and Review with Seamless Microsoft Word Integration

HOUSTON – Nov 9, 2023 - Onit, the leading provider of legal workflow solutions, today announced Onit Catalyst for Contracts, a ground-breaking software application that intelligently transforms the contract lifecycle using Generative AI and Large Language Models (LLMs) to enhance pre-signature and post-signature contract activities. Businesses can now more rapidly review and extract contract information, confirm compliance with the most nuanced issues, and find and automatically action more issues.

“Onit Catalyst for Contracts further accelerates the digital transformation of legal-related business processes,” Onit AI Center of Excellence Managing Director Nick Whitehouse says. “Designed to empower users to interact with contracts in highly dynamic, conversational manner, Catalyst for Contracts delivers a technological edge that enhances the productivity and decision-making of over-burdened contract teams.”

The standout feature of Catalyst for Contract is a natural language chat capability. Seamlessly integrated with Microsoft Word for broad user adoption and ease of use, Catalyst contract chat uses LLM to deliver sentence-level responses and recommendations to legal issues so complex legal questions can be quickly answered in an easy-to-understand language.

“Our new contract chat feature empowers users to quickly summarize, explain, review, rewrite, and advise on contracts confidently,” Whitehouse says. “It’s like having a dedicated, digital paralegal available on-demand.”

A smart virtual assistant that understands legal language and contract creation nuances, Catalyst for Contracts helps legal professionals generate highly specific contract playbooks with ease, creating complete control over AI. Moreover, using AI provides unparalleled insights and control of existing business contracts to identify, extract, share, manage, and track contractual obligations and risks.

Onit also announced the release of four new role-based reporting templates designed to streamline Enterprise Legal Management (ELM) business processes, track performance, and maximize impact:

• Matter Suite tracks matter-related Key Performance Indicators (KPIs).
• Spend Suite provides visibility across invoices, budgets, and more.
• Vendor Suite allows users to review spend, matters, and rates through the lens of vendors and timekeepers.
• Executive Suite empowers leaders with year-over-year trends and key insights across legal matters and spend management.

To learn more about Onit Catalyst for Contracts and the new ELM reporting templates, please contact us 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. It 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.