Enterprise legal and contract management software provider Onit has secured a whopping $200 million from West Coast private equity firm K1 Investment Management which it says it will use to scale operations to meet increasing client demand for its process automation technology and enhance its scalable platform. Additionally, the investment will help fund go-to-market strategies, accelerate new product development and enhance functionality of existing product offerings.
“Onit’s platform has raised the bar on what users expect from software that extends across the enterprise,” said Neil Malik, managing partner at K1. “We’ve seen the company more than triple its customer base and revenue in two years and we have tremendous confidence in the management team’s long-term vision. It’s exciting to partner with a team that pioneered the enterprise legal management software space nearly 20 years ago and to now see how their innovative solutions are transforming the way Fortune 500 companies and legal departments operate.”
Jaguar Land Rover’s legal department has undertaken a transformation programme in partnership with Onit and general counsel Anna-Lisa Corrales said: “We had to rethink the use of our internal and external resources and knew that we wanted to build partnerships with technology experts to help drive this revolution. We found that commitment from Onit and its management team. Rooted in an innovative system architecture that supports our needs for process automation, workflow and collaboration, Onit’s platform can enable best-in-class solutions for our growth today and in the future.”
Companies using Onit’s technology span a variety of industries and the platform supports a wide number of solutions. Best known for its legal project management software, the Texas-founded company offers packages of workflow solutions covering legal spend; matter management; contract management; legal holds; NDAs; and account management. It’s Apptitude platform is used for business process automation and it has solutions for onboarding, whistleblower regulation and budgeting tools.
More to follow.