We are excited to announce that Onit has achieved several noteworthy milestones in 2019. Especially exciting is that our milestones last year surpassed by leaps and bounds those of 2018, which was also a stellar year for us. Last year’s milestones included a $200 million strategic investment from K1 Management (K1) and the acquisition of SimpleLegal, a leading provider of modern legal spend, matter and vendor management software. Other pivotal milestones that helped fuel our growth included the launch of our new contract lifecycle management solution, key strategic management hires, industry awards and the official introduction of our Strategic Alliances program.
Last year, we hired an unprecedented 125 people globally and made strategic hires across the management team. Executive appointments included Chris Fields as chief technology officer, Minnie Damle as vice president of human resources, Andrew Hosman as vice president of product management and Vignesh Ramamurthy as general manager and vice president of India Operations.
We were also recognized by several legal and business organizations for our innovation, thought leadership and entrepreneurship last year. In addition, our customers have won awards with the help of Onit’s workflow automation technology. Our awards and distinctions included ranking in the top 20% on the Inc. 5000 for the fourth consecutive year and #249 on Deloitte’s Tech Fast 500 for the third consecutive year, and the Best Tech Startup by the Tech Tribune.
Other significant milestones include:
- Secured three-year annual recurring revenue (ARR) growth of 640%
- Year-to-date total revenue increased 75% over last year and new bookings exceeded $20 million
- Secured 108 new customers and landed expansion deals in more than 60 existing customers
- Went live with 33 projects in 2019 and completed 368 project milestones
- Achieved net customer retention over 100%
- Trained 172 Onit employees, partners and customers in 25 training sessions with 348 certification levels granted (a single person can attain multiple certification levels)
- Launched a Strategic Alliances program that delivered a best-in-class partner model with more than 15 technology, implementation and complementary services partners
- Ranked on the Houston Chronicle Best Places to Work for the second consecutive year
All of our achievements in 2019 would not have been possible without the collective efforts and exceptional dedication of the entire Onit and SimpleLegal team, here in the United States and abroad.
Listen to Eric Elfman’s podcast on 2019 milestones below and read the full release.
