Onit, a prominent provider of enterprise workflow and legal process automation solutions, acquired Axdraft, a contract lifecycle management (CLM) platform, in December 2020 for an undisclosed amount. The acquisition integrated Axdraft's advanced document drafting capabilities into Onit’s expanding portfolio of legal technology offerings, positioning it as a key component of the ContractWorks brand, an Onit company.
Axdraft specializes in helping legal and non-legal teams draft error-free legal documents significantly faster, often reducing the time spent on routine documents from hours to minutes. Its platform enables full visibility into contract work, live collaboration, redlining, and adherence to pre-approved automated playbooks. This efficiency has been demonstrated with customers like Carlsberg, which reduced claims drafting time by 88%, and British American Tobacco, which streamlined corporate document processes.
This strategic acquisition enhances Onit’s ability to offer a comprehensive, all-in-one CLM solution. By incorporating Axdraft’s expertise in the initial drafting and negotiation phases, Onit strengthens its platform across the entire contract lifecycle. Axdraft’s modular approach to CLM aligns with Onit’s vision to provide scalable solutions that meet diverse organizational needs, allowing clients to adopt functionality as required.
The synergy between Onit and Axdraft is expected to deliver increased efficiency, improved data integrity, and more intuitive workflows for customers. The combined entity aims to empower companies worldwide to manage legal documents with greater confidence and speed, from initial drafting and negotiation through approval, signing, storage, and monitoring, all within a unified and streamlined platform.