Onit Celebrates its 10th Anniversary with Record Revenue Growth, Investment in Artificial Intelligence and Global Expansion – GlobeNewswire

HOUSTON, May 18, 2021 (GLOBE NEWSWIRE) -- 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 is celebrating its 10th anniversary and a decade of groundbreaking achievements. In 2011, four industry experts started the business with a mission to make it easier for in-house counsel to practice law. Now, it has grown to more than 400 employees and 10,550 customers and has product offerings including workflow automation, business intelligence and artificial intelligence.

The size of the legal technology market is predicted to reach more than $25 billion by 2025. Analysts also forecast that corporate legal departments will spend up to three times more on legal technology in 2025. Onit, with innovative platforms and products for corporate legal, high customer Net Promoter Scores and a focus on innovation, is well-positioned to maintain its market lead.

Onit is 10, and I am extremely proud of what our company leaders, employees and customers have created, commented Eric M. Elfman, Onit CEO and co-founder. Weve progressed significantly from 2011, when we had two employees and $25,000 in revenue, to a company processing more than $5 billion in legal invoices in one year. We started with one no-code platform and a goal to disrupt enterprise legal management and other legacy technologies for corporate legal. Now, weve extended that vision to contract lifecycle management, AI, legal holds, legal service requests and our second AI-powered business intelligence platform, Precedent.

Onit by the NumbersIn honor of its Onitversary, the company has gathered milestones to illustrate its evolution.

About OnitOnit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit http://www.onit.com or call 1-800-281-1330.

Media inquiries: Melanie BrennemanOnit(713) 294-7857Melanie.brenneman@onit.com

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Onit Celebrates its 10th Anniversary with Record Revenue Growth, Investment in Artificial Intelligence and Global Expansion - GlobeNewswire