Onit Raises $8.25 Million Following Explosive Growth and Three-Year Revenue Growth of 990%
Company Ranked on Inc. 500 List of “Fastest-Growing Private Companies”
2016 Awards & Recognitions Acknowledge Onit’s Strong Growth and Reputation
Key Executive Hires and Expanded Client Roster Contribute to Accelerated Growth
HOUSTON, October 27, 2016-- Onit, Inc., a leading provider of Enterprise Legal Management (ELM) solutions, today announced that it raised a $8.25 million round of financing for expansion following explosive growth in 2016.
Level Equity Management, LLC, a technology-focused growth equity firm in NYC led the funding round with participation from previous and new investors including Austin Ventures, The Texas Halo Fund and angel investors. The company also announced that Sarah Sommer, founder and partner of Level Equity has joined Onit’s Board of Directors.
“Our focus on ‘process management’ and our differentiated approach to matter management and electronic invoicing is a game changer for the industry and is driving this expansive growth,” said Eric M. Elfman, CEO, and founder of Onit. “Since the launch of our App Builder platform in 2012 and our Enterprise Legal Management product offering in 2014, we have signed up more than 80 customers fueling triple digit growth and placing Onit among the fastest growing private companies in the United States. We are thrilled with the support and expertise of Level Equity as we enter this next stage of growth and we welcome Sarah and her years of strategic experience and thought leadership to our Board.”
The new round of funding will be used to fund additional development of its software offering and to make strategic hires across the company.
“We scanned the legal vertical and discovered that Onit was at the forefront of an evolutionary paradigm shift related to legal department operations management and process management,” commented Sarah Sommer, founder and partner of Level Equity. “We were impressed with Onit’s revenue acceleration over the last year, its new customer wins and its strong level of expansion among current customers. Onit has the ability to become a category leader in enterprise legal management for its innovative platform, focus on process and powerful user interface. We are excited to invest in a team that shifted the market a generation ago and is well on its way to making another significant impact in the legal industry.”
Onit Bridges the Gap
The demand for a better way for corporate legal departments to deliver legal services is skyrocketing as legal departments' workload increases and resources diminish. Many legal departments find themselves struggling under the weight of legacy technologies that simply do not work or are expensive to upgrade. Onit is uniquely positioned to deliver process-driven solutions that integrate workflow and collaboration, unlike any other enterprise legal management provider.
The company’s unprecedented approach to configuring custom solutions, coupled with its flexible platform is helping it gain traction among some of the largest companies in the world. The platform extends beyond “legal” to serve the broader business and can typically be implemented in half the time of competitors.
Key financial and company milestones:
•Three-year revenue growth of 990%
•30 Fortune 500 companies and thousands of law firms and legal suppliers use Onit and its BillingPoint service
•Three-year client growth of nearly 3x, growing from 29 clients in 2013 to more than 80 clients today
•Three-year employee growth of more than 200%
Awards & Recognition
Onit has been recognized by various software, legal industry and financial publications and organizations for its innovation, thought leadership and entrepreneurship. Below are some of the recent awards the company has won:
•Ranked #387 on the Inc. 500 list of the “Fastest-Growing Private Companies” with three-year revenue growth of 990%
•Won the Enterprise Champion Award and ranked #8 on the Houston Business Journal Fast 100
•Ranked #2 on the Houston Business Journal Fast Tech list and as one of the largest Houston-area business-to-business software and app developers
•Recognized by Capterra as as Top 20 Contract Management vendor for four consecutive years
•Recognized by Gartner, a leading information technology research and advisory company, in the Market Guide for Enterprise Legal Management Solutions
Onit’s commitment to thought leadership and legal domain expertise is a contributing factor to its aggressive growth with the hiring of two key management positions in 2016. Matt DenOuden joined the Onit team as vice president of sales with nearly 30 years of industry experience and was a seasoned leader at TyMetrix (now part of Wolters Kluwer) for nearly 13 years. He has been on the front lines of the Enterprise Legal Management (ELM) revolution for decades and will play a key role in Onit’s ability to help modernize corporate legal departments’ use of technology to automate their processes.
Cole Morgan was appointed Vice President of Enterprise Legal Management (ELM) in 2016. Morgan has more than 20 years of management experience in the legal technology and legal operations sectors. He works with corporate legal department clients to optimize service delivery and develop strategies that define the value of legal services within the corporation.
Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit Apps help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit www.onit.com or contact 1-800-281-1330.
About Level Equity
Based in New York, NY, Level Equity is a growth equity firm focused on providing growth capital to rapidly growing software and internet companies. Principals at Level Equity have invested in 55 technology businesses over the past 15 years. For more information about Level Equity, visit www.levelequity.com.
About Austin Ventures
Austin Ventures (AV) is a private equity firm focused on venture capital and growth equity investments in business services and supply chain, financial services, new media, Internet, and information services companies nationally with a focus on Texas.
AV has worked with talented entrepreneurs to build valuable companies for over 30 years. With $3.9 billion of capital raised, AV is the most active venture capital firm in Texas and one of the most established in the nation. AV invests in early stage and middle market companies, and its strategy is to partner with talented executives and entrepreneurs to build industry-leading companies predominantly in Texas.
About The Texas Halo Fund
The Texas Halo Fund is a seed and early-stage angel/venture capital fund series. Powered by the nationally recognized Houston Angel Network and its accredited investors, the fund series focuses on high-growth investments at the cutting edge of business, life science and technological innovation. For more information please contact the Houston Angel Network or visit http://houstonangelnetwork.org.
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