Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments.
The acquisition creates one of the largest global enterprise legal management conglomerates, with more than 600 implementations completed worldwide by Onit and its subsidiaries SimpleLegal and BusyLamp. It also augments Onit's formidable global reach into 140+ countries with European domain expertise and a solution well-equipped for unique considerations such as VAT, the General Data Protection Regulation (GDPR) and regional tax policies.
BusyLamp, headquartered in Frankfurt, Germany, has a broad customer base that includes many of Europe's largest enterprises. The software company grew annual recurring revenues by more than 60% in the last 12 months, and Hyperion Research recognized it as “highly innovative” and a “market leader.” It's award-winning legal spend management solution and recently launched matter management solution Matter.Space are used by corporate legal leaders across sectors, including the automotive, telecommunications and banking industries and their law firms. BusyLamp will operate as an independent subsidiary of Onit.
"The acquisition of BusyLamp fulfills several strategic priorities for Onit. First, it will be a valuable contributor to our continued rapid growth. Second, it embeds Onit and its solutions even more deeply into Europe. With the BusyLamp team, we have some of the brightest minds in legal operations and technology on the ground in Germany, the UK and throughout the continent – experts who understand European customers' unique needs. We're now one of the largest ELM software providers in the world, with software that fits any corporate legal department's requirements regardless of size or location," said Eric M. Elfman, CEO and co-founder of Onit. "I want to welcome the entire BusyLamp team as we work toward an exciting future."
"Our mission at BusyLamp has always been to provide in-house counsel with the information, data, trust and tools they need to focus on the strategic management of their legal finances. By combining with Onit, we will greatly expand on this mission with a wider breadth of technology offerings, a full suite of legal and compliance solutions and immediate access to the leading legal AI and spend management experts," commented Michael Tal, co-CEO and co-founder of BusyLamp.
"We are delighted to join the Onit family of companies and are now connected to a company with some of the most in-depth experience in our space. This will lead to further rapid growth based on a best-of-class product offering while continuing to serve our customers to the highest standards," added Manuel Meder, co-CEO and co-founder of BusyLamp.
This acquisition represents the fourth acquisition for Onit in less than 12 months and the fifth acquisition overall. Onit announced its acquisition of legal spend analytics, benchmarking and market intelligence company Bodhala on September 1. In late 2020, Onit acquired legal AI innovator McCarthyFinch and then document automation provider AXDRAFT 30 days later. Onit also acquired SimpleLegal, a modern legal operations software provider, in May 2019.
Customers with questions are encouraged to reach out to their representatives at Onit or BusyLamp.
Marks Baughan served as financial advisor to BusyLamp, and Willkie Farr & Gallagher served as legal advisor. Osborne Clarke and Morris, Manning & Martin served as legal advisors for Onit.
Visit Onit and BusyLamp at these European Events
In-house counsel and corporate legal professionals are invited to visit with Onit and BusyLamp at the following industry events this year:
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