HOUSTON, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Onit, Inc., a leading provider of enterprise legal management, contract management and business process automation solutions, today announced that it has achieved several significant milestones in 2019 including a $200 million strategic investment from K1 Management (K1) and the acquisition of SimpleLegal, a leading provider of modern legal spend, matter and vendor management software. Other key milestones that helped fuel the company’s unprecedented growth included the launch of a new product, contract lifecycle management, key strategic management hires, prestigious industry awards and the official introduction of its Strategic Alliances program.
“This has been an incredible year for us,” commented Onit CEO and founder Eric M. Elfman. “To fuel our global growth, we secured a $200 million investment from K1 Investment Management and acquired a Silicon Valley disruptor in the legal space, SimpleLegal, to create the market’s most comprehensive solution for legal operation professionals. Our Strategic Alliances Program opened a whole new world of collaboration with our strategic implementation and technology partners. These achievements would not have been possible without the collective efforts and exceptional dedication of the entire Onit and SimpleLegal team, here in the United States and abroad.”
Key 2019 Milestones
- Secured three-year annual recurring revenue (ARR) growth of 640%
- Year-to-date total revenue increased 75% over last year and new bookings exceeded $20 million
- Announced the company’s first acquisition of SimpleLegal, a Silicon Valley disruptor in the legal space
- Secured 108 new customers and landed expansion deals in more than 60 existing customers
- Went live with 33 projects in 2019 and completed 368 project milestones
- Achieved net customer retention over 100%
- Trained 172 Onit employees, partners and customers in 25 training sessions with 348 certification levels granted (a single person can attain multiple certification levels)
- Hired 125 employees globally, an 80% increase over last year and made strategic hires across the company
- Launched a Strategic Alliances program that delivered a best-in-class partner model with more than 15 technology, implementation and complementary services partners
- Introduced Contract Lifecyle Management (CLM) as a stand-alone product that can also complement our broader offering of workflow solutions
- Ranked on the Houston Chronicle Best Places to Work for the second consecutive year
To learn more about the company’s major achievements and milestones in 2019, listen to Eric M. Elfman’s podcast and hear about his vision for 2020 and the legal technology market.
Strategic Management Hires
In 2019, Onit hired 125 people globally and made strategic hires across the management team.
Chris Fields was appointed as chief technology officer and is responsible for overseeing the technical vision of the company and leading product research, engineering and development efforts. Chris’s background includes serving as vice president and CTO for Wolters Kluwer ELM Solutions, where he led the technology strategy and direction for the business and was responsible for all aspects of product engineering, including the application development platforms and all applications and modules.
Minnie Damle was appointed as vice president of human resources. She brings a strategic vision to Onit’s worldwide HR operations. Minnie’s broad background includes her role as vice president, human resources at social/digital agency VaynerMedia, where she oversaw HR operations across four offices, and Omnicom-owned agency The CDM Group, where she designed a function to help integrate the healthcare communication companies.
Andrew Hosman was appointed as vice president of product management and is responsible for evolving the product management function. He is building and leading a team of multiple product managers and product owners that drive the definition and delivery of product releases. Andrew most recently served as a vice president of product management at Sphera Solutions, Inc., an industry leader in the environmental health and safety software space.
Vignesh Ramamurthy was appointed as general manager and vice president of India Operations. He has direct responsibility for all of the functions operating in India and his vision and strategy will effectively strengthen Onit’s presence in the region. Previously, Vignesh was at Indix Corporation Inc. where he served as a vice president of engineering building the complete development operation out of Chennai, India.
Awards & Recognition
Onit was recognized by several legal and business organizations for its innovation, thought leadership and entrepreneurship in 2019. In addition, our customers have won awards with the help of Onit’s workflow automation technology. This commitment secured the company several distinctions in 2019:
- Ranked in the top 20% of the Inc. 5000 for the fourth consecutive year with three-year growth of 441%
- Secured a ranking of #249 on Deloitte’s 2019 North America Technology Fast 500 for the third consecutive year
- Onit customer TIAA was a finalist for the Transatlantic Legal Department of the Year for its successful transformation of its legal department using a new technology platform
- Won Buying Legal’s 2019 Legal Procurement Award for Process Improvement with customer Pearson plc and partner Morae Global
- CEO Eric M. Elfman was named Rice University Alumni of the Year in the category of Industry Excellence in Technology, an annual award for outstanding achievements in their professional fields and exemplary leadership
- Named Best Tech Startup in Houston by The Tech Tribune
2020 Outlook
“In 2020, we’re focusing on our core values: passion, persistence, purpose and people,” commented Eric M. Elfman, CEO and founder, Onit. “I’m excited to see what this year has in store for us, and I anticipate we will again move into uncharted territory and surpass our many achievements this year. We are passionate about ‘co-innovating’ with our customers and making them successful today and along their technology journey in the coming year and beyond.”
About Onit
Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR, procurement and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion-dollar legal departments bridge the gap between systems of record and systems of engagement. We help customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com or call 1-800-281-1330.
Jill Black
Onit, Inc.
713-560-9225