Onit Achieves Momentous 2016 Milestones in its Pursuit of Revenue Acceleration, Strategic Growth and New Client Wins
Posted on January 31, 2017
NEW YORK AND HOUSTON, Jan. 31, 2017 (GLOBE NEWSWIRE) -- Onit, Inc. a leading provider of Enterprise Legal Management (ELM), contract management and business process automation solutions, today announced that it has achieved significant milestones in 2016 validating the company’s strategic growth plans and corporate vision further setting the stage for continued success in 2017. These milestones include new capital funding, notable client wins, strategic management hires and prestigious awards and nominations.
“2016 was an impressive year for Onit; our milestone achievements far exceeded our original expectations,” said Eric M. Elfman, CEO and founder of Onit. “Our team’s innovation, drive and dedication to our clients were critical to our growth and success in 2016. Last year’s funding and appointment of key management hires validates our commitment to client-driven innovation and client success,” added Elfman.
Key 2016 Milestones
- Raised $8.25 million, led by a New York growth equity firm, to fuel its expansion
- Bookings grew 78% and revenues 75% compared to 2015, significantly exceeding planned growth
- Pipeline growth of 177%, nearly tripling compared to 2015
- Client base grew to more than 80 in 2016, an increase of 46% compared to 2015, 32 of which are Fortune 500 companies
Onit’s commitment to thought leadership and legal domain expertise was a contributing factor to its aggressive growth with the hiring of two key management positions in 2016. Matt DenOuden joined Onit as the vice president of global sales with nearly 30 years of industry experience and was a seasoned leader at TyMetrix (now part of Wolters Kluwer) for nearly 13 years. He has been on the front lines of the Enterprise Legal Management (ELM) revolution for decades.
Cole Morgan was appointed Vice President of Enterprise Legal Management (ELM) in 2016. With more than 20 years of management experience in the legal technology and legal operations sectors, Cole works with corporate legal department clients to help develop strategies that define the value of legal services within the corporation.
Awards and Nominations
Onit was recognized by various software, legal industry and financial publications and organizations for its innovation, thought leadership and entrepreneurship in 2016. This commitment to its unsurpassed technological excellence and user experience has garnered the company several distinctions in 2016:
- Ranked #387 on Inc. 500’s Fastest-Growing Private Companies List with three-year revenue growth of 990%
- Recognized in Gartner’s Market Guide for Enterprise Legal Management Solutions
- Ranked fifth on the Inc. 5000’s Houston’s Top 10 Fastest Growing Businesses of 2016
- Ranked #2 on the Houston Business Journal Houston Fast Tech list of 2016
- Won the Enterprise Champion Award and ranked #8 on the Houston Business Journal Fast 100
- Nominated by Corporate Counsel Magazine as one of the Best Matter Management Vendors of 2016
- Recognized by Capterra as a Top 20 Contract Management vendor for four consecutive years
Onit was formed by legal software industry experts Eric M. Elfman and Eric A. Smith, co-founders of Datacert, a leading provider of enterprise spend management software. Launched in early 2010, Onit deploys Onit Apps to simplify business process automation and improve business productivity across all departments and industries. Onit App Builder allows business users to drive efficiency and productivity by combining business process management, project management and information management into one easy-to-use tool so the user can create their own Onit Apps without having to rely on IT for support.
Businesses have processes for everything – whether it’s hiring a vendor or law firm, terminating an employee, submitting a contract for review, requesting a trademark request, obtaining an NDA, etc. Most of these processes are manual, paper intensive and cumbersome. With Onit Apps, processes are automated in a few clicks, responsible parties are notified immediately, and data collection is centralized. Onit doesn’t require any software to download or resources from IT. For more information, visit www.onit.com or contact 1-800-281-1330.