On Jan. 8, legal technology software provider Onit Inc. announced it has received a $200 million investment from K1 Investment Management, a California-based private equity firm with a history of backing legal tech companies.

Onit co-founder and CEO Eric Elfman said his company will use the investment to add more features to its host of legal tech products to make them a one-stop-shop management workflow provider for legal departments.

What's more, part of the $200 million investment could be used for acquiring other companies, Elfman added. “There are M&A opportunities for us as an acquirer. [The investment] gives us a bag of money to think about that more strategically.”