Onit Acquires SecureDocs to Fill E-Signature, CLM Gaps
Onit's acquisition of SecureDocs was in part motivated by the company's desire to reach clients outside the Fortune 500. While this is the third acquisition for Onit in the past 12 months, the company sees M&A announcements slowing down this year.
January 11, 2022 at 10:01 AM
3 minute read
Today, Onit Inc. announced it acquired SecureDocs to provide contract management software capabilities to smaller corporate legal departments and add native virtual data room and e-signature features to its offerings. While financial details of the transaction were not revealed, Onit did disclose that SecureDocs and its products will remain standalone offerings.
As part of the acquisition, Onit will gain SecureDocs' virtual data room software, which Onit CEO Eric Elfman described as a "nice, stable business" he was attracted to. Onit will also leverage SecureDocs' e-signature software ReadySign to provide a preferred native option for clients to use, instead of the company's integrations with e-signature providers DocuSign, Adobe EchoSign and HelloSign. "We have to sell third-party [e-signature abilities] at exorbitant prices and ReadySign brings those same capabilities," Elfman noted.
Onit also addressed its contract lifecycle management (CLM) capabilities with the acquisition of SecureDocs' contract management platform ContractWorks. To be sure, Onit currently offers contract tech through legal document automation software AXDRAFT and AI-powered contract management and automated legal services provider McCarthyFinch, which were both acquired by Onit in late 2020. However, Elfman said Onit's CLM offerings primarily catered to Fortune 500 legal departments.
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