Onit Continues High-Growth Trajectory, Attaining Important Milestones in 2020 and Positioned for Greater Growth in 2021

Price Optimization & Revenue ManagementArtificial Intelligence (AI)Sales Engagement

By STS News Desk On Jan 28, 2021

Onit Expands ReviewAI with Smart Checklists, the Latest Artificial Intelligence Innovation for Contract Review and Contract Lifecycle Management

Onit, Inc., a leading provider of enterprise workflow solutions and artificial intelligence, including enterprise legal management, contract lifecycle management and business process automation, today announced that it attained significant milestones in 2020 including a 36% revenue growth and a 406% three-year revenue growth, two acquisitions, expansion of its presence to five continents, the addition of 93 new customers and more than 330 expansions for existing customers, 90 customer implementations and a market-leading NPS score.

“While Onit faced pandemic-related challenges similar to many other businesses, we succeeded by focusing on what matters most: our customers, innovation and employees,” said Eric M. Elfman, CEO and co-founder of Onit. “We introduced OnitCX, a structured program dedicated to customer success and created Lean Into LegalOps, an online forum for legal operations professionals to share and learn that had close to 3,000 registrations in 2020.

Acquisitions and Product Innovation

In the past 20 months, Onit has acquired three companies – SimpleLegal in 2019 and McCarthyFinch and AXDRAFT in 2020.

McCarthyFinch reinforced Onit’s innovation strategy by delivering powerful AI-based workflow and business process automation solutions. The technology is now an integral component of Onit’s new business intelligence platform Precedent and the company’s first release on Precedent, ReviewAI, focused on the pre-signature phase of contract management and using AI to quickly review, redline and edit all types of contracts. McCarthyFinch is now the Onit AI Center of Excellence, with a mission to further AI innovation for Onit and SimpleLegal products.

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