Onit is a company that specializes in enterprise software and artificial intelligence platforms, primarily serving the legal, compliance, sales, IT, HR, and finance sectors. The company offers a range of products that transform best practices into smarter workflows, better processes, and operational efficiencies, with a focus on enterprise legal management, matter management, legal spend management, contract lifecycle management, and legal holds. Onit primarily sells to the legal operations industry, providing solutions that bridge the gap between systems of record and systems of engagement. It was founded in 2011 and is based in Houston, Texas.
Latest Onit News
Nov 9, 2023
News provided by Share this article Onit Catalyst for Contracts Delivers Dynamic Contract Insight and Review with Seamless Microsoft Word Integration HOUSTON, Nov. 9, 2023 /PRNewswire/ -- Onit, the leading provider of legal workflow solutions, today announced Onit Catalyst for Contracts, a ground-breaking software application that intelligently transforms the contract lifecycle using Generative AI and Large Language Models (LLMs) to enhance pre-signature and post-signature contract activities. Businesses can now more rapidly review and extract contract information, confirm compliance with the most nuanced issues, and find and automatically action more issues. "Onit Catalyst for Contracts further accelerates the digital transformation of legal-related business processes," Onit AI Center of Excellence Managing Director Nick Whitehouse says. "Designed to empower users to interact with contracts in highly dynamic, conversational manner, Catalyst for Contracts delivers a technological edge that enhances the productivity and decision-making of over-burdened contract teams." The standout feature of Catalyst for Contract is a natural language chat capability. Seamlessly integrated with Microsoft Word for broad user adoption and ease of use, Catalyst contract chat uses LLM to deliver sentence-level responses and recommendations to legal issues so complex legal questions can be quickly answered in an easy-to-understand language. "Our new contract chat feature empowers users to quickly summarize, explain, review, rewrite, and advise on contracts confidently," Whitehouse says. "It's like having a dedicated, digital paralegal available on-demand." A smart virtual assistant that understands legal language and contract creation nuances, Catalyst for Contracts helps legal professionals generate highly specific contract playbooks with ease, creating complete control over AI. Moreover, using AI provides unparalleled insights and control of existing business contracts to identify, extract, share, manage, and track contractual obligations and risks. Onit also announced the release of four new role-based reporting templates designed to streamline Enterprise Legal Management (ELM) business processes, track performance, and maximize impact: Matter Suite tracks matter-related Key Performance Indicators (KPIs). Spend Suite provides visibility across invoices, budgets, and more. Vendor Suite allows users to review spend, matters, and rates through the lens of vendors and timekeepers. Executive Suite empowers leaders with year-over-year trends and key insights across legal matters and spend management. To learn more about Onit Catalyst for Contracts and the new ELM reporting templates, please contact us HERE. About Onit Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit www.onit.com . SOURCE Onit, Inc.
Onit Frequently Asked Questions (FAQ)
When was Onit founded?
Onit was founded in 2011.
Where is Onit's headquarters?
Onit's headquarters is located at 1360 Post Oak Blvd, Houston.
What is Onit's latest funding round?
Onit's latest funding round is Growth Equity.
How much did Onit raise?
Onit raised a total of $231.37M.
Who are the investors of Onit?
Investors of Onit include K1 Capital Management, Silicon Valley Bank, Austin Ventures, Level Equity, Texas Halo Fund and 3 more.
Who are Onit's competitors?
Competitors of Onit include LawVu, ContractPodAi, Icertis, Trato, Hyperlex and 7 more.
Compare Onit to Competitors
Icertis operates as a company focused on contract lifecycle management (CLM) in the technology sector. It offers an artificial intelligence (AI)-powered platform that transforms contracts from static documents into strategic assets by structuring and connecting critical contract information, thereby influencing how an organization operates. It primarily serves the technology and business sectors. The company was founded in 2009 and is based in Bellevue, Washington.
Trato provides a blockchain-based contract management tool. It streamlines the legal process between companies and their clients. It simplifies electronic contracts so that companies have control and traceability. It was founded in 2014 and is based in Mexico City, Mexico.
Volders operates as a contract management application. It helps to cancel car insurance, life insurance, cable connection, building contract, cell phone contract, and more. It was founded in 2015 and is based in Berlin, Germany.
Zycus is a company that focuses on cognitive procurement, operating in the software as a service (SaaS) industry. The company offers a suite of AI-powered software solutions that streamline procurement processes, including source-to-pay, e-invoicing, accounts payable automation, and contract lifecycle management. These solutions primarily cater to large global enterprises across various sectors. It was founded in 1998 and is based in Princeton, New Jersey.
ContractPodAi offers an end-to-end solution offering contract management services including contract generation, contract repository, and third-party review. Its contract management software provides advanced contract lifecycle management solutions. The company was founded in 2012 and is based in London, United Kingdom.
Chinsay is a Software-as-a-Service (SaaS) platform for commodity and freight contracts management. Chinsay's Commodity Contract Manager (CCM) and Recap Manager (RM) standardize the process of creating, validating, archiving, and sharing commodity and freight contracts.