Onit, Inc., a provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, announced that it has acquired SecureDocs, a global software company for contract management, virtual deal rooms and electronic signatures. With this acquisition, Onit aims to strengthen its position as a leading, modern contract lifecycle management (CLM) provider and to expand the company’s product portfolio from enterprise-level CLM to include a quickly deployable contract management solution for legal operations teams.
While Onit is widely acclaimed by Fortune 500 customers ContractWorks from SecureDocs shares a parallel record of success for midsize and smaller companies. New legal operations and corporate development teams can set up contract management in minutes, quickly establishing their function and proving value. According to Onit, SecureDocs and ContractWorks have helped customers effectively manage more than 13 million contracts and documents across 96 countries.
SecureDocs will integrate with SimpleLegal, Onit’s subsidiary and a modern legal operations software provider for rapidly scaling companies such as Instacart, Zenefits and Fender. Together, the two companies should empower businesses to harvest greater efficiencies, transparency and intelligence from legal operations while simplifying the overly manual and time-consuming workflows associated with legacy contract management practices.
“The acquisition of SecureDocs – like Onit’s acquisitions of legal CLM AI innovator McCarthyFinch and document automation leader AXDRAFT – furthers our commitment to move the industry forward and provide comprehensive and sophisticated solutions for our customers,” said Eric M. Elfman, CEO and co-founder of Onit. “We established a successful pattern with the launch of Onit’s enterprise legal management (ELM) a decade ago and the subsequent acquisitions of SimpleLegal, Bodhala and BusyLamp – extending ELM to everyone regardless of location or size. Now Onit is continuing this mission in CLM, offering a contract management solution for every company. I’m excited to welcome SecureDocs and its team to Onit as we enter the next phase of our CLM expansion.”
“SimpleLegal and SecureDocs are an ideal combination to solve the challenges faced by companies starting or establishing modernized legal operations,” said Mark Weidick, general manager of SimpleLegal. “Our shared philosophy has contributed to our mutual successes at SecureDocs and SimpleLegal. We both build simple to use and modern software to help our customers manage everything that matters in legal operations.”
“SecureDocs is thrilled about this significant step in our company history,” said Will Reynolds, CEO and co-founder of SecureDocs. Reynolds will continue to lead the company post-acquisition as general manager of SecureDocs. “We’ve found great synergy with SimpleLegal and Onit, and together, we’ll provide a more comprehensive suite of solutions to help customers streamline time-consuming processes so they can focus on strategic initiatives.”
In the past 15 months, Onit has acquired four other companies, including BusyLamp, a Europe-based provider of legal spend and matter management software; Bodhala, a legal spend analytics, benchmarking and market intelligence company; AXDRAFT, a document automation provider; and McCarthyFinch, which is now the Onit AI Center of Excellence. SimpleLegal, Onit’s first acquisition, closed in May 2019.
Onit is a global provider of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and aims to help to transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.