This MGI 360 Rating™ is designed to help buyers, suppliers, and investors assess the product functionality, management teams, channel breadth, marketing strategy, and financial positioning of Onit’s CLM tool.
MGI Research initiates coverage of Onit in CLM with a rating of 44 and a Neutral analyst outlook. Onit CLM is built around the company’s OnitX AI-enabled legal workflow automation platform with capabilities for contract authoring and review. Onit CLM solution is aimed at a broad range of B2B and B2C use cases in sales, procurement and legal, among others in industries such as information technology, life sciences, consumer packaged goods and others.
Who Is Onit?
Founded in 2011 by legal tech pioneers Eric Elfman and Eric Smith, Onit is headquartered in Houston, TX with additional offices across the US, Europe, India, and an AI Center of Excellence in New Zealand. The company is aiming at a broad set of requirements for Enterprise Legal Automation of which CLM is a component. The company expanded through a series of acquisitions, including virtual data room service provider SecureDocs, European legal spend management solution BusyLamp, legal billing analytics startup Bodhala, Ukrainian legal tech startup AxDraft, and AI contract review platform McCarthyFinch. Onit is backed by private equity firm K1 as well as Austin Ventures.
What Is Contract Management?
Contract Lifecycle Management (CLM) is the process of strategically managing and leveraging the entire lifespan of legally binding agreements between two or more parties within a business context. CLM tools are evolving rapidly. Not long ago, CLM software described a relatively simple system for document management and e-signature. Today, mature CLM solutions employ AI/ML data capture capabilities to turn the contract management process into an intelligent, real-time system of record. For more about the evolution of CLM software, read The Six Stages of CLM Maturity.
Download Onit’s 360 Rating to find out where it falls on the Solution Strength vs. Go-to-Market Strength MarketLens.
What are MGI 360 Ratings?
MGI 360 Ratings™ are a comprehensive structured system for evaluating technology companies. The MGI 360 scores reflect analyst opinions based on a scale of 0 to 100, combined with an analyst outlook (Positive, Negative, or Neutral). The 360 Rating system is comprised of 149 unique data points across five pillars:
- PRODUCT: How strong is the product’s competitive position?
- MANAGEMENT: How competent and experienced is the management team?
- CHANNELS: Does the company have a sales capability and channels needed to bring products to market?
- STRATEGY: Does the company have a realistic view of the opportunity and a compelling strategy for success?
- FINANCE: Is the company growing and profitable?
360 Ratings in Contract Lifecycle Management condense hours of research and customer references into simple, easy to understand ratings and recommendations to clearly demonstrate strengths, weaknesses, and differences among CLM software vendors. All 360 Ratings in Contract Lifecycle Management (CLM) are available in the CLM Top 35 Buyer’s Guide.
Get the report to find out how Onit compares to peer averages in the CLM market:
