Onit, the Business Process Automation Platform Acquired SimpleLegal

We are glad to share that SimpleLegal, one of our portfolio startups and a hosted enterprise legal management software has been acquired by Onit, a Houston based company offering enterprise workflow solutions mostly related to legal matters like e-billing, legal spend management and contract management etc. SimpleLegal also offers modern solutions for e-billing, spend, vendor and matter management so, with this acquisition Onit would be able to combine their experience with SimpleLegal’s trendy solutions and offer better options to enterprises.

In June 2017, SimpleLegal raised $10M in a Series A round and after this recent acquisition we believe that SimpleLegal would add great value to Onit in their future success.

“Today, corporations spend more than $160 billion on their in-house legal teams,” Nathan Wenzel, CEO and co-founder of SimpleLegal, said in a news release. “The combination of Onit and SimpleLegal is a game-changer for the legal market and the future of legal operations.”

Financial terms of the deal were not disclosed. Eric Elfman, Onit CEO and co-founder, will be CEO of the merged organization. Wenzel will be general manager of SimpleLegal.

Onit, which is privately held, has more than quadrupled its workforce in just under three years. Earlier this year, it announced raising $200 million in private equity to fuel its growth in new markets, products and deals.

“Onit and SimpleLegal share both a passion for both disrupting the legal technology space and valuing product innovation,” Elfman said in Monday’s news release. “Our shared commitment to elevate legal operations technology is an asset for all of our customers.”

Please read full story at Houston Chronicle.

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