Onit Continues Accelerated Growth, Reaching 2021 Milestones While Focused on Opportunities for Expansion in 2022
HOUSTON, February 22, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced rapid growth in 2021 fueled by significant accomplishments that include closing three strategic acquisitions in five months, key launches of AI-enabled products that help corporate legal departments modernize contract management and legal invoice review and processing $8.3 billion in legal invoices across Onit and its subsidiaries.
The accomplishments speak to its continued success and innovation as it celebrated its 10th anniversary in 2021. When founded, it began with a no-code platform and a goal to disrupt the enterprise legal management market. In the past decade, Onit has evolved into a global legal technology conglomerate with enterprise legal management and contract lifecycle management technologies for corporate legal departments of all sizes.
“Each day, more than 2,800 corporate legal departments worldwide rely on Onit and its family of companies to capitalize on operational efficiencies and cost savings,” Eric M. Elfman, CEO and co-founder of Onit, said. “It’s our mission to ensure that they have sophisticated tools and experts to help build on their results, something exemplified by our 2021 acquisition strategy and product portfolio expansion. This year will find us focused on additional, untapped opportunities that will not only accelerate Onit’s growth but continue to empower our customers to modernize their legal operations and build a connected enterprise.”
Enterprise Legal Management Leadership
In 2021, Onit became one of the world’s largest enterprise legal management conglomerates with the acquisition of BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. Together, Onit and its legal operations management subsidiaries SimpleLegal and BusyLamp processed $8.3 billion in legal invoices last year and have a shared history of more than 600 implementations worldwide.
Onit expanded its enterprise legal management solutions with the acquisition of Bodhala in September 2021. Bodhala, a legal spend analytics, benchmarking and market intelligence leader, applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates.
Continuing its commitment to product innovation, Onit debuted InvoiceAI, its AI-enabled review for both historical and real-time invoices. The product has already won a 2022 BIG Innovation Award and joins Onit’s 2021 Gold Globee award in software development for its enterprise legal management solution.
Growing Momentum for Contract Lifecycle Management
Onit continued its advancement in the contract lifecycle management market, with IDC naming it a Major Player and the launch of new AI technologies for contract management. Automate NDA uses AI to streamline and automate the entire nondisclosure agreement process, reducing the time spent on NDAs by 70%. Smart Checklists, offered as part of the ReviewAI Microsoft Word add-in, turns playbook checks into intelligent, actionable and collaborative tasks.
In 2021, the company extended its contract management market reach to midsize and smaller companies. Its acquisition of SecureDocs, which closed in 2021 and was announced in January, expanded Onit’s product portfolio with a quickly deployable contract management software. Now, customers have technologies for companies at any stage in legal operations – from newly established to worldwide operations. SecureDocs will integrate with SimpleLegal to empower greater efficiencies, transparency and intelligence for legal operations teams.
Accomplishments in 2021 continued the company’s track record of innovation and success, resulting in awards that include:
- Inc. 5000 for the sixth consecutive year
- Deloitte Technology Fast 500 for the fourth year
- Houston Business Journal’s Fast 100 and Innovation list for the fifth year
- Recognition as a finalist for the Legal Procurement Awards and the 2021 Legalweek Leaders in Tech Law Awards. Onit’s customer BT also won the prestigious Legal Innovation Award in the category of “Future of Legal Services Innovation – In-house Legal Operations” for its delivery of legal services powered by Onit’s Apptitude platform and matter management.
Onit’s family of companies also reached significant milestones for 2021.
- AXDRAFT, a contract management platform, celebrated its one-year acquisition by Onit in November. The company launched QuickDocs, a stand-alone self-service contracts solution, achieved SOC2 type 2 certification and grew its team by 64%.
- Bodhala launched several new products, including document analysis and benchmarking and its Quarterly Business Review. The LegalTech Breakthrough Awards also named it the “Overall Legal Analytics Solution of the Year.”
- BusyLamp debuted its new matter management solution, Matter.Space, and achieved a net retention rate of close to 110%. Hyperion Research also recognized it as “highly innovative” and a “market leader.”
- SecureDocs enjoyed a record-breaking year in 2021, growing new customers by over 50% year on year. The company earned top-rated customer feedback and delivered continuous improvement across all products.
- SimpleLegal launched 15 new features in 2021, including its AI-enabled invoice review technology SimpleReview. SimpleReview is a finalist for the Legalweek Leaders in Tech Law Awards in the category of Legal Ops. In addition to attaining a 97% customer retention rate, G2 named SimpleLegal one of the best legal billing solutions in 2021.
Onit grew its global workforce by 30% in 2021 and will continue to hire at a faster pace in 2022. If you’re looking for an opportunity to work with an experienced team to solve fascinating problems using modern technologies, please contact us.
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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, email email@example.com or call 1-800-281-1330.