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Legal newsDecember 17, 2020

AXDRAFT Has Been Acquired By Onit Company

Since AXDRAFT was first launched in 2017, there have been several milestones we’re exceptionally proud of. The first one is us getting into YCombinator, the world’s best startup accelerator program in December 2018, and the second one raising $1.2M investments from the Silicon Valley VCs in April 2019.

Today, we’re happy to announce that AXDRAFT has successfully reached the third major milestone. As of December 17th, AXDRAFT has been acquired by Onit and has become a part of the Onit legal technology ecosystem.

This makes us the first Ukrainian legal technology startup to make a successful exit.

AXDRAFT has become the first Ukrainian legal technology startup to make a successful exit.

To say that we’re extremely excited to become part of one of the leading disruptors in the legal tech industry would be an understatement. We are all systems go towards new levels of growth, new knowledge and best practices, and most importantly, new updates to AXDRAFT and improvements of the existing features and workflows.

About Onit

Onit is a leading provider of enterprise workflow automation and AI solutions, which include enterprise legal management, contract lifecycle management, and business process automation.

Founded in Houston, Texas, in 2011, this company has invited the best minds in legal technology to help transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

AXDRAFT will be the third company to be acquired by Onit. In 2019, Onit has purchased SimpleLegal, a legal operations management software, and earlier this month, McCarthyFinch, an AI legal technology company.

Onit’s CEO and co-founder, Eric M. Elfman comments:

“Disruption is in Onit’s DNA, from launching the industry’s first no-code business process and automation platform, Apptitude, to bringing machine learning and natural language processing to the practice of contracting with Precedent and ReviewAI. We’re 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 the Onit’s aggressive growth strategy.”

What it implies for AXDRAFT

For all of us here at AXDRAFT, this is a huge leap forward, and an achievement we’ve all been working towards. It means that we will have the best experts behind our backs to help us get new customers, grow and scale, and we have the support we’ve been looking for to make AXDRAFT a more convenient and fast document automation platform. We will be sharing more details regarding our product plans in the near future.

With Onit, AXDRAFT gets access to the most powerful AI technology that is currently available in the legal sector, and the best of creative powers to enrich the global legal ecosystem. For Onit, this means more power to the document drafting possibilities and document distribution, an area in which Onit sees considerable potential.

“The acquisition of AXDRAFT underscores our continued commitment to innovation for all of our offerings and particularly in the area of contract lifecycle management. In 30 days, we’ve 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.”

What does it mean for AXDRAFT users?

For all of our clients, nothing changes a single bit. You still get all of our attention, and we will keep making AXDRAFT the most comfortable home for your documents.

AXDRAFT operates under the same name, except, as of not it is AXDRAFT, An Onit Company, keeps all the branding and creative perks, and only has more room for growth. Below we’ve gathered a few FAQs that you may be wondering about, and we hope this gives you a better understanding of what’s in store for all of us.

Will the acquisition by Onit affect the pricing for the existing customers?

No, it remains the same for all AXDRAFT users that have been with us to this point.

Does this mean new features are coming up?

Absolutely. And also more updates to the existing ones.

Will any changes be made to security or the server document hosting?

No, we do not plan on changing the way your documents are stored at this point. We do however plan to increase security even further.

Will AXDRAFT remain available for the Ukrainian users?

Yes!

Will the privacy policy change?

No. We will do everything we’re doing to this point to keep your data intact as it is.

If you have any other questions, please do not hesitate to contact our team. In the meantime, we hope you share our excitement because something incredibly awesome this way comes!

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