Legal Software Pioneer Attributes 641% Revenue Growth to its Customer-Centric Focus and Highly Motivated Team Members
Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced it has come in at #190 on Deloitte’s Technology Fast 500™, a prestigious ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America. This is the third consecutive year Onit has been included on the list, thanks to revenue growth of 641% between 2016 and 2019.
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“Onit is focused on aggressive growth, which we have achieved by never losing sight of what is most important for our customers – providing innovative offerings that significantly streamline critical business processes for corporate legal teams and the departments they support,” commented Eric M. Elfman, CEO and co-founder of Onit. “This achievement would not have been possible without the collective efforts and exceptional dedication of our entire team worldwide. As we look at strategic planning for 2021, we will continue focusing on what we value the most: our customers, our people and our passion for legal technology and innovation.”
“For more than 25 years, we’ve been honoring companies that define the cutting edge, and this year’s Technology Fast 500 list is proof positive that technology – from software and digital media platforms to biotech – truly does permeate so many facets of our lives,” said Paul Silverglate, vice chairman, Deloitte LLP, and U.S. technology sector leader. “We congratulate this year’s winners, especially during a time when innovation is needed more than ever to address the monumental challenges posed by the pandemic.”
Now in its 26th year, the Deloitte Technology Fast 500 is the leading technology awards program in North America. Combining technological innovation, entrepreneurship and rapid growth, Fast 500 companies – large, small, public and private – span a variety of industry sectors and are leaders in hardware, software, telecom, semiconductors, life sciences and emerging areas, such as energy technology.
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Additional Growth Awards
Onit has earned two other revenue-based awards this quarter.
First, the Growjo list of the fastest-growing companies in the world included Onit at number 4 for Houston, number 52 for the technology services category, number 20 for Texas and number 648 on the Growjo 10K. This is the second year Onit has been included on this list.
Next, Inc. Magazine and Syracuse University’s Institute for Veterans and Military Families named Onit to its list of the 100 fastest-growing veteran-owned businesses – the Vet100. The ranking was developed along the same lines as the iconic Inc. 5000 list of the fastest-growing private companies based in the U.S. Elfman is a veteran who served in the Navy for a decade prior to starting his career as a serial entrepreneur.
2020 Performance and Beyond
Onit is positioned to continue growing this year and beyond. In the past 19 months, the company has acquired SimpleLegal, McCarthyFinch and AXDRAFT. In November, the company introduced AI technology with its second platform, the Precedent Intelligence Platform, and ReviewAI, software that uses artificial intelligence to quickly review, redline and edit all types of contracts. Now, Onit is the only company in its space with two platforms – Precedent and Apptitude, its no-code business process and automation platform. To date in 2020, the company has added 140 new employees worldwide.