Onit, Inc. Strengths, Domain Expertise, and Key Differentiators
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, Inc. Recent Developments
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.
With the CLM Quick Start implementation package, companies receive all of the advanced functionality of Onit’s Contract Lifecycle Management product, but at a more cost-effective price point and faster implementation time frame. The CLM Quick Start implementation package includes one non-disclosure agreement (NDA) and one master services agreement (MSA) record type, limited custom fields, DocuSign or Adobe eSignature capabilities and an external contract request link.
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, Inc. Mergers and Acquisitions (M&A) Activities
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, in combination with SimpleLegal, intends to create a comprehensive one-stop shop addressing most needs of a legal operations team. Each company will continue to operate independently with continuing roadmaps and investment. All support and services will continue as before, and all management teams will remain intact.
Onit, Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Onit, Inc. 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, Inc. 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 Onit ELM customers.
Onit, Inc. Overview
Ownership: - x
Number of Employees: 180
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, 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 Nonprofit, Special Cause Nonprofit, Oil and Gas, Professional Services, Retail, Transportation, Utilities,
Onit, Inc. Key Enterprise and Cloud Applications
Onit, Inc. Revenues, $M:
|Type/Year||2018||2019||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, Inc. Revenue Breakdown By Type, $M:
|Type||License||Services||Hardware||Support & Maintenance||SaaS|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe|
Onit, Inc. Enterprise Applications Revenues By Functional Markets, $M:
Onit, Inc. Enterprise Applications Revenues By Verticals, $M:
Onit, Inc. Revenues By Region, $M
|Region||% of Total Revenues||2019 Total Revenues, $M||2019 Enterprise Applications Revenues, $M||2019 Cloud Applications Revenues, $M|
Onit, Inc. Direct vs Indirect sales
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Onit, Inc. Customers - Breakdown by Geo, Size, Vertical and Product
No. of Onit, Inc. Customers: 200
No. of Onit, Inc. Enterprise Applications Customers: 200
No. of Onit, Inc. Cloud Customers: x
No. of Onit, Inc. 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.
Onit, Inc. Market Opportunities, M&A and Geo Expansions
In January 2019 Onit secured an investment of $200m by K1 Investment Management. The company intends to use the funds to scale operations, go-to-market strategies, accelerate new product development and enhance the functionality of existing product offerings. Onit provides enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. The company’s platform supports from enterprise legal management (ELM) to department-specific (e.g. legal spend management, legal holds, e-billing, legal service requests, NDAs, matter management) to shared solutions common throughout all industries (e.g. contract management, SOX compliance, employee onboarding, whistleblower, budgeting). The platform scales to support thousands of users and millions of documents.
Onit, Inc. Risks and Challenges
Cybersecurity and protection of privileged client data are paramount concerns today in the legal industry.
Onit, Inc. Ecosystem, Partners, Resellers and SI
In November 2019 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 remarkable 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, Inc. Cloud Infrastructure Insights
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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).
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