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.”
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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.
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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%.
“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.”
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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 www.onit.com or call 1-800-281-1330.March 23, 2023
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