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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.

HOUSTON – August 10, 2023 – Onit, a leading provider of legal workflow solutions, including enterprise legal management (ELM), contract lifecycle management (CLM), and business process automation, has been named a Leader in the IDC MarketScape: Worldwide Enterprise Legal Management Software (Doc #US49842023, August 2023). With solutions for businesses of all sizes, Onit enables legal departments to modernize workflows, improve operational and cost efficiency, and contribute to faster revenue generation and business growth.

“Onit has one of the most complete legal technology portfolios available on the market today,” reads the IDC MarketScape Worldwide Enterprise Legal Management 2023 Vendor Assessment. “Legal departments are not one size fits all, and Onit understands that software cannot be either” (Doc #US49842023, August 2023).

The naming as a Leader in the IDC MarketScape report follows a period of market-driven innovation for Onit. Onit has continued to enhance its portfolio to include the following:

• OnitX, the next generation of Onit’s highly configurable platform for automating complex legal workflows for enterprise legal management and contract lifecycle management
• Onit Catalyst, a family of AI-enabled products purpose-built to elevate the impact of ELM and CLM solutions
• SimpleLegal, an ELM solution tailored to the mid-market to bring transparency and management across e-Billing, matters, vendors, and reporting
• ContractWorks, a modular, out-of-the-box solution to manage contracts and legal documents at specific contracting stages or across the entire contract lifecycle

“We are honored to be named a leader in enterprise legal management solutions,” commented Eric M. Elfman, CEO and co-founder of Onit. “At Onit, our mission has always been to empower legal professionals to do their best work through more intelligent and efficient workflows. We will continue to invest in innovation to deliver leading solutions that help legal departments drive material impact.”

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

About Onit

Onit is the leading provider of legal workflow solutions for enterprise legal management (ELM, contract lifecycle management (CLM), and business process automation. Onit’s comprehensive product portfolio customizes AI-driven workflows for managing matters, spend, vendors and contracts. With Onit, companies can evolve the legal department’s role as a business protector and transform it into a business driver that materially influences the enterprise by improving operational and cost efficiency while simultaneously contributing to faster revenue generation and business growth.

The Onit portfolio of products also includes SimpleLegal, AXDRAFT, BusyLamp and SecureDocs. Learn more at onitprostg.wpengine.com.