Onit is a Houston, TX–based provider of enterprise workflow solutions covering enterprise legal management, contract management and business process automation. Its platform supports an unlimited number of solutions, from enterprise legal management (legal spend management, legal holds, e-billing, legal service requests, NDAs, matter management) to shared solutions such as contract management, SOX compliance, employee onboarding, whistleblower and budgeting. The platform scales to support thousands of users and millions of documents. Companies across a variety of industries use Onit’s technology. The company plans to use the funds to scale operations and go-to-market strategies, accelerate new product development and enhance functionality of existing product offerings. Eric M. Elfman is CEO and founder. Onit provides enterprise legal management (ELM), contract management, and business process automation software aimed at transforming how legal departments drive operational and process improvements. The company emphasizes process-focused solutions that help customers increase efficiency, accelerate transaction velocity, and reduce costs. Onit said the new capital will support continued growth initiatives and strengthen financial flexibility for domestic and overseas expansion. Management intends to use the funding to pursue potential acquisitions and to invest more heavily in R&D to improve the scalability and efficiency of its business process automation platform. The company framed the financing as access to working capital to help achieve corporate objectives. Eric M. Elfman, CEO and founder, and Silicon Valley Bank emphasized confidence in Onit’s product and team. Onit provides Enterprise Legal Management (ELM) solutions that integrate workflow and collaboration to help legal departments automate processes, accelerate transaction velocity and reduce costs. The company is led by CEO and founder Eric M. Elfman with Cole Morgan as Vice President of Enterprise Legal Management. Onit is based in Houston, TX. It raised an $8.25M financing round to support its operations. The company intends to use the funds for further development of its software offering and to make strategic hires across the company. As part of the round, Sarah Sommer of Level Equity joined Onit’s Board of Directors. Onit builds business productivity and process management applications designed to simplify business process automation and improve productivity across all departments and industries. Launched in early 2010 by legal software industry experts Eric M. Elfman and Eric A. Smith, the company initially served the legal vertical. It plans to use the funding to develop a sales and channel strategy and to expand beyond the legal market. Onit will also build out its App Builder, a self-service tool for end users to create their own Onit Apps. The company raised $4.1M in Series B financing to support these initiatives. In conjunction with the round, Austin Ventures’ John Thornton will join the board alongside Doug Erwin of RedHouse and Eric Elfman, with Erwin serving as chairman.

Total raised

$222M

Funding rounds

4

Latest round

Equity

Latest activity

Jan 2019