HOUSTON, June 26, 2018 (GLOBE NEWSWIRE) -- Onit, Inc. a leading provider of enterprise legal management, contract management and business process automation solutions, today announced it has entered into a $10 million credit facility to support growth initiatives with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors.
“We appreciate Silicon Valley Bank’s vote of confidence in our business plan, product offerings, and seasoned management team,” commented Eric M. Elfman, CEO and founder of Onit. “The new credit facility supports our continued growth initiatives and strengthens our financially flexibility to expand both domestically and overseas. The continued access to working capital will help us achieve our corporate objectives and support potential future acquisitions. Additionally, we will have the opportunity to invest more heavily in R&D efforts to improve the scalability and efficiency of our business process automation platform. We are looking forward to a long term relationship with Silicon Valley Bank.”
“The continued growth of Onit is a testament not only to its industry-leading software platform, but in the team Eric has assembled around it,” said Weston Rice, Vice President at Silicon Valley Bank. “SVB is pleased to provide this capital to augment both the short- and long-term growth initiatives of the business.”
The $10 million of capital will be used for growth and general corporate purposes.
About Silicon Valley Bank
For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
About Onit
Onit is a leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit www.onit.com or contact 1-800-281-1330.