{"id":401866,"date":"2020-12-17T09:03:23","date_gmt":"2020-12-17T14:03:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=401866"},"modified":"2020-12-17T09:03:23","modified_gmt":"2020-12-17T14:03:23","slug":"onit-acquires-axdraft-expanding-its-contract-lifecycle-management-offerings-with-robust-document-automation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/onit-acquires-axdraft-expanding-its-contract-lifecycle-management-offerings-with-robust-document-automation\/","title":{"rendered":"Onit Acquires AXDRAFT, Expanding its Contract Lifecycle Management Offerings with Robust Document Automation"},"content":{"rendered":"

\nDisruptive Technology Drafts Contracts 10 Times Faster, Allowing Corporate Legal Professionals to Focus on Higher-Value Contributions
\n<\/h2>\n
\n

HOUSTON, Dec. 17, 2020 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired AXDRAFT<\/a>, a Y Combinator-backed document automation company. The company helps corporate legal departments draft legal documents 10 times faster and complete contracts like nondisclosure agreements and service agreements in less than five minutes. Based in Kyiv, Ukraine, it was founded in 2017 and works with customers including Sandoz and Louis Dreyfus Company.<\/p>\n

AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary. This acquisition is Onit\u2019s third in the last 19 months and the second deal announced in 30 days.<\/p>\n

\u201cThe acquisition of AXDRAFT underscores our continued commitment to innovation for all of our offerings and particularly in the area of contract lifecycle management,\u201d said Eric M. Elfman, CEO and co-founder of Onit. \u201cIn 30 days, we\u2019ve added an AI-based contract management product that significantly streamlines contract review, and now with AXDRAFT, we offer lightning-speed, error-free and multilingual contract drafting.\u201d<\/p>\n

In November, Onit acquired legal AI company McCarthyFinch<\/a> and immediately launched Precedent<\/a>, its intelligence platform, and ReviewAI<\/a>, software that accelerates contract review by up to 70% and improves user productivity by more than 50%.<\/p>\n

\u201cDisruption is in Onit\u2019s DNA, from launching the industry\u2019s first no-code business process and automation platform, Apptitude<\/a>, to bringing machine learning and natural language processing to the practice of contracting with Precedent and ReviewAI. We\u2019re also the first in our space to offer two platforms, one for workflow automation and one for artificial intelligence. AXDRAFT is a disruptor to old-line businesses in the document generation space and our guidance and resources will help the company scale significantly, secure new customers worldwide and contribute to Onit\u2019s aggressive growth strategy,\u201d continued Elfman.<\/p>\n

AXDRAFT offers a proprietary algorithm with streamlined and extensible document drafting in multiple languages, including Chinese and Japanese. It supports live document preview and data integrations. With the algorithm, a document of any complexity can be transformed into a simple Q&A process.<\/p>\n

AXDRAFT will be led by co-founder Yuriy Zaremba, who is now General Manager. Co-founder Oleg Zaremba, who holds master\u2019s degrees in applied mathematics, material sciences and quantum physics, will serve as CTO\u00a0of AXDRAFT.<\/p>\n

\u201cWhen I was a lawyer, I experienced how routine legal work can be when you draft the same types of documents over and over again. It\u2019s a process that invites mistakes and keeps attorneys from focusing on higher-value contributions. That led me to start AXDRAFT with Oleg,\u201d explained Yuriy Zaremba. \u201cAXDRAFT drafts the contracts and other legal documents in less than five minutes, making it significantly easier for legal professionals to maintain accuracy and collaborate with the businesses they support. We\u2019re excited to join Onit and begin the next phase of the company\u2019s evolution.\u201d<\/p>\n

\u201cOne of the core differentiators of AXDRAFT is our proprietary document automation language. It allows us to quickly onboard customers\u2019 documents into AXDRAFT at no cost and offer a truly turnkey solution,\u201d said Oleg Zaremba.<\/p>\n

AXDRAFT is available immediately as a stand-alone, out-of-the-box document automation tool. To learn more about the acquisition, listen to the Onit podcast<\/a> featuring\u00a0Eric M. Elfman and Yuriy Zaremba or visit <\/a>AXDRAFT online<\/a>.<\/p>\n

\n About Onit<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
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 and helps transform the way 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<\/a> or call 1-800-281-1330.<\/p>\n

\n Media inquiries: <\/strong>
\n
Melanie Brenneman
Onit
(713) 294-7857
Melanie.brenneman@onit.com<\/a><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Disruptive Technology Drafts Contracts 10 Times Faster, Allowing Corporate Legal Professionals to Focus on Higher-Value Contributions HOUSTON, Dec. 17, 2020 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired AXDRAFT, a Y Combinator-backed document automation company. The company helps corporate legal departments draft legal documents 10 times faster and complete contracts like nondisclosure agreements and service agreements in less than five minutes. Based in Kyiv, Ukraine, it was founded in 2017 and works with customers including Sandoz and Louis Dreyfus Company. AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary. This acquisition … <\/p>\n

Continue reading “Onit Acquires AXDRAFT, Expanding its Contract Lifecycle Management Offerings with Robust Document Automation”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-401866","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nOnit Acquires AXDRAFT, Expanding its Contract Lifecycle Management Offerings with Robust Document Automation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/onit-acquires-axdraft-expanding-its-contract-lifecycle-management-offerings-with-robust-document-automation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Onit Acquires AXDRAFT, Expanding its Contract Lifecycle Management Offerings with Robust Document Automation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Disruptive Technology Drafts Contracts 10 Times Faster, Allowing Corporate Legal Professionals to Focus on Higher-Value Contributions HOUSTON, Dec. 17, 2020 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired AXDRAFT, a Y Combinator-backed document automation company. The company helps corporate legal departments draft legal documents 10 times faster and complete contracts like nondisclosure agreements and service agreements in less than five minutes. Based in Kyiv, Ukraine, it was founded in 2017 and works with customers including Sandoz and Louis Dreyfus Company. AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary. 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