Disruptive Technology Drafts Contracts 10 Times Faster, Allowing Corporate Legal Professionals to Focus on Higher-Value Contributions
Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, announced that it has acquired AXDRAFT, a Y Combinator-backed document automation company. The company helps corporate legal departments draft legal documents 10 times faster and complete contracts like nondisclosure agreements and service agreements in less than five minutes. Based in Kyiv, Ukraine, it was founded in 2017 and works with customers including Sandoz and Louis Dreyfus Company.
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AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary. This acquisition is Onit’s third in the last 19 months and the second deal announced in 30 days.
“The acquisition of AXDRAFT underscores our continued commitment to innovation for all of our offerings and particularly in the area of contract lifecycle management,” said Eric M. Elfman, CEO and co-founder of Onit. “In 30 days, we’ve added an AI-based contract management product that significantly streamlines contract review, and now with AXDRAFT, we offer lightning-speed, error-free and multilingual contract drafting.”
In November, Onit acquired legal AI company McCarthyFinch and immediately launched Precedent, its intelligence platform, and ReviewAI, software that accelerates contract review by up to 70% and improves user productivity by more than 50%.
“Disruption is in Onit’s DNA, from launching the industry’s first no-code business process and automation platform, Apptitude, to bringing machine learning and natural language processing to the practice of contracting with Precedent and ReviewAI. We’re also the first in our space to offer two platforms, one for workflow automation and one for artificial intelligence. AXDRAFT is a disruptor to old-line businesses in the document generation space and our guidance and resources will help the company scale significantly, secure new customers worldwide and contribute to Onit’s aggressive growth strategy,” continued Elfman.
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AXDRAFT offers a proprietary algorithm with streamlined and extensible document drafting in multiple languages, including Chinese and Japanese. It supports live document preview and data integrations. With the algorithm, a document of any complexity can be transformed into a simple Q&A process.
AXDRAFT will be led by co-founder Yuriy Zaremba, who is now General Manager. Co-founder Oleg Zaremba, who holds master’s degrees in applied mathematics, material sciences and quantum physics, will serve as CTO of AXDRAFT.
“When I was a lawyer, I experienced how routine legal work can be when you draft the same types of documents over and over again. It’s a process that invites mistakes and keeps attorneys from focusing on higher-value contributions. That led me to start AXDRAFT with Oleg,” explained Yuriy Zaremba. “AXDRAFT drafts the contracts and other legal documents in less than five minutes, making it significantly easier for legal professionals to maintain accuracy and collaborate with the businesses they support. We’re excited to join Onit and begin the next phase of the company’s evolution.”
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