Onit Strengths, Domain Expertise, and Key Differentiators
In 2023, Onit incorporated its recent acquisitions into a comprehensive portfolio of solutions. The integrations, resulting from Onit's acquisitions of Bodhala in August 2021 and BusyLamp in September 2021, optimize legal operations in two key areas — financial benchmarking and localized support for Europe. The new integrations with Onit Spend Management and Onit Matter Management address three common industry challenges: lack of supporting industry insights at the point of decision, data silos, and tool proliferation. For European legal departments, the integration of Onit Matter Management and BusyLamp eBilling.Space offers a proven ELM solution with a configurable matter management workflow that eliminates the double entry of matter information. Collectively, these integrations enable sophisticated legal departments at large multinational corporations to make smarter, cost-efficient choices at the point of decision and strengthen the market position of Onit.
Onit is a provider of Enterprise Legal Management (ELM) solutions. Onit is transforming the way legal departments drive operational and process improvements. By focusing on the process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. Simplifying business process automation and improve business productivity across all departments and industries.
Apptitude, Onit’s App Builder platform allows business users to drive efficiency and productivity by combining business process management, project management and information management into one easy to use tool so the user can create their own workflows without having to rely on IT for support. Businesses have processes for everything – whether it’s hiring a vendor or law firm, terminating an employee, submitting a contract for review, requesting a trademark request, obtaining an NDA, etc.
Onit Recent Developments
In November 2023, Onit introduced catalyst for contracts, software application that transforms the contract lifecycle using Generative AI and Large Language Models (LLMs) to enhance pre-signature and post-signature contract activities. Onit also announced the release of four new role-based reporting templates designed to streamline Enterprise Legal Management (ELM) business processes, track performance, and maximize impact: Matter Suite tracks matter-related Key Performance Indicators (KPIs). Spend Suite provides visibility across invoices, budgets, and more. Vendor Suite allows users to review spend, matters, and rates through the lens of vendors and timekeepers. Executive Suite empowers leaders with year-over-year trends and key insights across legal matters and spend management.
In July 2021, Onit released its online catalog of Apps built on its no-code, workflow automation platform Apptitude. Any of these solutions and Apps can be made available to corporate legal departments looking to transform legal operations.
In June 2020, Onit has launched a new contract lifecycle management (CLM) Quick Start implementation package that allows companies of all sizes to streamline the entire contract process, reduce processing time and achieve higher contract compliance rates in less than 30 days. The new CLM Quick Start implementation package offers standard out-of-the-box functionality, quick time to value and a clear return on investment. This simplified implementation package gives business and legal teams immediate access to our award-winning contract lifecycle management technology, exposure to a robust workflow and automation platform and an upgrade path that can grow as they expand.
In September 2019, Onit officially launched its contract lifecycle management (CLM) software. Onit CLM empowers legal and business teams to streamline the entire contract process, drastically reduce processing time, thereby achieving higher contract compliance rates, and compressed revenue cycles. Onit CLM is available immediately and can be offered as a standalone product or as part of a broader offering that includes enterprise legal management (ELM), legal service requests (LSR), legal holds, and more than 200+ other operations, risk and compliance workflow solutions.
Onit Mergers and Acquisitions (M&A) Activities
In January 2022, Onit acquired SecureDocs. SecureDocs augments Onit’s portfolio with a contract management solution ideally suited for companies that have new or rapidly scaling corporate legal departments. SecureDocs is a software company specializing in contract management software (ContractWorks), a data room that streamlines the entire deal process (SecureDocs), and secure, legally binding electronic signatures (ReadySign). Its solutions have helped customers effectively manage more than 13 million contracts and documents across 96 countries.
In September 2021, Onit Acquired BusyLamp, creating one of the largest global enterprise legal management conglomerates.
In August, 2021, acquired Bodhala, the provider of AI-powered legal spend analytics, benchmarking and market intelligence.
In May 2019, Onit has acquired SimpleLegal, a US-based provider of spend, matter and vendor management software. This combination of Onit and SimpleLegal will represent the most comprehensive and modern global SaaS solution for the legal operations professional in in the market today and bring together the strengths and market positions of each company, ensuring legal operations professionals have an expansive product offering to run their legal department and business. Together, both companies will continue to deliver innovative software that drives best practices and offer deep domain expertise to serve both small organizations and large and complex enterprises, regardless of department size or geography. The combined company will continue to support each respective solution.
Onit Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Onit applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Onit and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified OnitX ELM, OnitX Legal Service Management, OnitX Contract Lifecycle Management, SecureDocs customers.
Onit Overview
1360 Post Oak Blvd., Suite 2200
Houston, TX, 77056, United States
1 800-281-1330
https://www.onit.com/
Ownership: - x
Number of Employees: 450
Functional Markets: Analytics and BI, Collaboration, ERP Financial, ERP Services and Operations,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Onit Key Enterprise and Cloud Applications
OnitX ELM, OnitX Legal Service Management, OnitX Contract Lifecycle Management, SecureDocs
Onit Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Onit Revenue Breakdown By Type, $M:
Onit Enterprise Applications Revenues By Functional Markets, $M:
Onit Enterprise Applications Revenues By Verticals, $M:
Onit Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Onit Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Onit Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Onit Customers
No. of Onit Customers: 10550
No. of Onit Enterprise Applications Customers: x
No. of Onit Cloud Customers: x
No. of Onit Cloud Subscribers: x
Among Onit's customers are Dexcom, Envision, Maxim Integrated, Star Companies, KIA, Under Armour, Amsc, Swift, GoGo, Jaguar, Northwest Company, Landmark, PayPal, AIG, Archer Daniels Midland, Raley's and many others." with "Most recently, the company welcomed notable new customers to its 2,500 and growing customer base, including : Agoda, Elanco, IFS, Thomson Reuters, VISA, colt, and many more.
Onit Market Opportunities, M&A and Geo Expansions
Onit is strategically expanding its product portfolio while maintaining a steadfast commitment to its core strengths. Through recent acquisitions and integrations, the company has positioned itself favorably for sustained growth and development.
Onit Risks and Challenges
Legal software companies need to comply with a variety of laws and regulations, both in the countries where they operate and in the countries where their clients are located. This can be a complex and challenging task and presents a risk.
Onit Ecosystem, Partners, Resellers and SI
Onit has partnered with PURSUIT, following the launch of Onit’s Strategic Alliances Program. Since 2017, Onit has worked with partners on 59 clients, with 50 implementations live to date.
In October 2019 Onit unveiled its new Strategic Alliances Program. This program is Onit’s premier initiative to establish and support external alliances that promote growth and success for their clients and partners; the principles of which are strategy, transparency, accountability, and rigour. This new program addresses the needs of not only Onit’s trusted partners but of their clients as well. The program will build on Onit’s success in working with external partners.
Onit Cloud Infrastructure Insights
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- Onit Public Cloud and Infrastructure (IaaS)
- Onit Platform (PaaS)
- Onit Application Delivery
- Onit Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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