Onit, the enterprise workflow and CLM company, has bought SecureDocs, which will help to boost its contract management coverage for medium-size businesses, as well as bring with it a virtual deal room capability and e-signatures.
In the past 15 months Onit has acquired five 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.
California-based SecureDocs started back in 2012 and has around 50 staff. It also has a small base in the UK.
Eric Elfman, CEO, Onit, told Artificial Lawyer: ‘Onit’s contract lifecycle management addresses the high-end of the market, including Fortune Global 500 and Fortune 500 companies. Companies below that size have an entirely different set of contract management needs. With the SecureDocs acquisition, we now have a contract management solution (ContractWorks) ideally suited for those midsize and smaller businesses. It’s quick to deploy and prove value.
‘The acquisition also brings SecureDocs, a virtual data room product, and ReadySign for electronic signatures to the Onit family of products. We see numerous opportunities for all of the products, which is why we are starting with the integration of SimpleLegal and SecureDocs. We will continue investing in and developing SecureDocs and all three of its products.’
SecureDocs will integrate with SimpleLegal, Onit’s subsidiary. Together, the two companies will ‘harvest greater efficiencies, transparency and intelligence from legal operations while simplifying the overly manual and time-consuming workflows associated with legacy contract management practices’ they added.
Will Reynolds, CEO and co-founder of SecureDocs, and who will continue to lead the company post-acquisition, concluded: ‘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.’