Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract management and business process automation, today announced it has secured an investment of $200 million from K1 Investment Management (K1).
With the investment, Onit will scale operations to meet increasing client demand for innovative, market-leading process automation technology and enhance its scalable platform. Additionally, the investment will help fund go-to-market strategies, accelerate new product development and enhance functionality of existing product offerings.
“We are very excited to partner with K1 and their significant investment in our company further demonstrates the accelerating growth trajectory for Onit. We believe that we are clearly proving that our approach to streamlining business process – creating better workflows and not better databases – fundamentally sets us apart in the industry,” commented Eric M. Elfman, CEO and founder. “We have the only end-to-end platform that solves workflow and process challenges across the enterprise. In fact, we have configured and deployed more than 200 solutions and are instrumental in driving process transformation with some of the most innovative global companies in the world. As we scale to meet increasing demand, we are excited to also accelerate our investment in product development, human resources and operations.”
“Onit’s platform has raised the bar on what users expect from software that extends across the enterprise,” said Neil Malik, Managing Partner at K1. “We’ve seen the company more than triple its customer base and revenue in two years and we have tremendous confidence in the management team’s long-term vision. It’s exciting to partner with a team that pioneered the enterprise legal management software space nearly 20 years ago and to now see how their innovative solutions are transforming the way Fortune 500 companies and legal departments operate.”
“We are on a legal transformation journey at Jaguar Land Rover toward greater efficiency and effectiveness, and the partnership between our law department and Onit has been instrumental in accelerating this process,” commented Anna-Lisa Corrales, General Counsel, Jaguar Land Rover North America, LLC. “We had to rethink the use of our internal and external resources and knew that we wanted to build partnerships with technology experts to help drive this revolution. We found that commitment from Onit and its management team. Rooted in an innovative system architecture that supports our needs for process automation, workflow and collaboration, Onit’s platform can enable best-in-class solutions for our growth today and in the future.”
Companies using Onit’s technology span a variety of industries and utilize Onit’s business process platform for solutions across the enterprise. The platform supports an unlimited number of solutions, from enterprise legal management (ELM) to department-specific (e.g. legal spend management, legal holds, e-billing, legal service requests, NDAs, matter management) to shared solutions common throughout all industries (e.g. contract management, SOX compliance, employee onboarding, whistleblower, budgeting). The platform scales to support thousands of users and millions of documents. Onit is a disruptive alternative to the traditional database-driven products and presents a familiar solution-based approach to legal operations management by breaking up ELM into individual task-based solutions and processes with workflow and collaboration.
As Onit continues to drive transformation in the legal space and beyond, it has continually been recognized by various software and legal industry organizations for its innovation, thought leadership and entrepreneurship. Onit made the Inc. 5000 list of fastest-growing private companies for the past several years. In addition, Onit’s CEO Eric M. Elfman, a past winner of the EY Entrepreneur of the Year®, was once again a finalist for the award in 2018. In addition, Onit’s CFO York Richards was named a finalist for CFO of the Year by the Houston Business Journal. Below are some of the additional awards the company has won.
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