SAN FRANCISCO, February 24, 2022–Bonterms announced the release of its best practice, open source Cloud Terms for the enterprise, making it the first to release a committee-vetted standard agreement for use between enterprise SaaS/Cloud service providers and their customers.

“Across the industry, among players large and small, you hear the same thing – the legal side of
adding one more customer to a Cloud service is just too difficult,” said Todd Smithline, Co-
Founder and CEO of Bonterms. “Customers and providers each have legitimate concerns, but
the current approach of starting from one side’s unbalanced terms and then trying to redline,
negotiate and Zoom your way to an agreement isn’t optimal for anyone.”

Bonterms solves this problem with its neutral, open source agreement that is balanced between
both parties and drafted by a committee of experienced lawyers to reflect industry best
practices. The parties make any changes to the Cloud Terms by cover page and attachments,
simplifying and shortening the negotiation process. The open source nature of the agreement
(released for free under CC BY) makes it easy to implement and the use of standard terms
allows legal teams to focus on what really matters and restores goodwill back to the process for
both parties.

Coinciding with this launch, Chris Walker, an enterprise software veteran, joins the company as
Co-Founder and Head of Product. Chris will drive the company’s product direction and build out
Bonterms’ Negotiation as a Service Platform.

“While we’re part of a larger open legal wave, we’re also heading in our own direction and
developing a Negotiation as a Service Platform,” said Chris Walker. “Our software vision is to
offer a new approach to negotiating SaaS deals, one that preserves good will from the start and
allows the parties to focus on what they really care about in the negotiation.”
Bonterms also announced its seed funding by XYZ and select angel investors in the technology
and legal sectors. The company will debut at LegalWeek in New York March 9 – 11, and Todd Smithline will be a featured speaker at the LegalTech in 5D Salon, hosted by Doon Insights on
March 23.

Todd Smithline has nearly 30 years experience designing, negotiating and teaching contracts.
He was General Counsel of Marimba, a publicly traded technology company, and the founder of
Smithline PC, a boutique technology firm that pioneered fixed-free subscription billing.

Chris Walker has over a decade of experience in enterprise software and has held product
leadership roles for category leading companies such as Palantir Technologies, DataFox,
Oracle and DraftWise.

Bonterms is a privately held company focused on simplifying commercial contracting by
providing best-practice, balanced, open source legal forms for the enterprise.

February 24, 2022

Media Contact: Liz Westover | marketing@bonterms.com | 415.834.1700

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Momentum Highlighted by Three Acquisitions, Extensive Product Innovation and More Than 2,800 Corporate Legal Department Customers Worldwide

HOUSTON, February 22, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced rapid growth in 2021 fueled by significant accomplishments that include closing three strategic acquisitions in five months, key launches of AI-enabled products that help corporate legal departments modernize contract management and legal invoice review and processing $8.3 billion in legal invoices across Onit and its subsidiaries.

The accomplishments speak to its continued success and innovation as it celebrated its 10th anniversary in 2021. When founded, it began with a no-code platform and a goal to disrupt the enterprise legal management market. In the past decade, Onit has evolved into a global legal technology conglomerate with enterprise legal management and contract lifecycle management technologies for corporate legal departments of all sizes.

“Each day, more than 2,800 corporate legal departments worldwide rely on Onit and its family of companies to capitalize on operational efficiencies and cost savings,” Eric M. Elfman, CEO and co-founder of Onit, said. “It’s our mission to ensure that they have sophisticated tools and experts to help build on their results, something exemplified by our 2021 acquisition strategy and product portfolio expansion. This year will find us focused on additional, untapped opportunities that will not only accelerate Onit’s growth but continue to empower our customers to modernize their legal operations and build a connected enterprise.” 

Enterprise Legal Management Leadership

In 2021, Onit became one of the world’s largest enterprise legal management conglomerates with the acquisition of BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. Together, Onit and its legal operations management subsidiaries SimpleLegal and BusyLamp processed $8.3 billion in legal invoices last year and have a shared history of more than 600 implementations worldwide.

Onit expanded its enterprise legal management solutions with the acquisition of Bodhala in September 2021. Bodhala, a legal spend analytics, benchmarking and market intelligence leader, applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates.

Continuing its commitment to product innovation, Onit debuted InvoiceAI, its AI-enabled review for both historical and real-time invoices. The product has already won a 2022 BIG Innovation Award and joins Onit’s 2021 Gold Globee award in software development for its enterprise legal management solution.

Growing Momentum for Contract Lifecycle Management

Onit continued its advancement in the contract lifecycle management market, with IDC naming it a Major Player and the launch of new AI technologies for contract management. Automate NDA uses AI to streamline and automate the entire nondisclosure agreement process, reducing the time spent on NDAs by 70%. Smart Checklists, offered as part of the ReviewAI Microsoft Word add-in, turns playbook checks into intelligent, actionable and collaborative tasks.

In 2021, the company extended its contract management market reach to midsize and smaller companies. Its acquisition of SecureDocs, which closed in 2021 and was announced in January, expanded Onit’s product portfolio with a quickly deployable contract management software. Now, customers have technologies for companies at any stage in legal operations – from newly established to worldwide operations. SecureDocs will integrate with SimpleLegal to empower greater efficiencies, transparency and intelligence for legal operations teams.

Awards

Accomplishments in 2021 continued the company’s track record of innovation and success, resulting in awards that include:

Subsidiary Milestones

Onit’s family of companies also reached significant milestones for 2021.

Careers

Onit grew its global workforce by 30% in 2021 and will continue to hire at a faster pace in 2022. If you’re looking for an opportunity to work with an experienced team to solve fascinating problems using modern technologies, please contact us.

Additional Resources

Read and subscribe to the Onit blog for the latest company and industry news. Join us on LinkedIn, follow us on Twitter or listen to our podcasts to hear the latest news on legal operations, artificial intelligence and best practices from innovators in corporate legal.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com, email info@onit.com or call 1-800-281-1330.

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We are thrilled to announce that we have partnered with KPMG UK to launch an AI-powered tax tool in the UK. KPMG is a global industry leader and innovation is central to its identity. Blue J is the leading provider of predictive analysis for tax scenarios in North America. Now we are shaping the future of tax practice in the UK, together. Read the press release.

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For tax professionals, a major source of frustration is the amount of time spent creating complex entity-and-relationship diagrams in order to explain a client’s tax scenario and the relationships between the bodies involved.

We decided to change that with Blue J Diagramming.

Blue J Diagramming is a diagramming solution built by tax professionals, for tax professionals. With its ease of use, it doesn’t require any technical diagramming skills or experience. It helps tax practitioners create exactly the types of entity-and-relationship diagrams they need, saving them hours of time and effort.

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We know that the volume and breadth of business requests can sometimes overwhelm a legal team, resulting in overflowing inboxes, excessive manual tasks and lots of back and forth.

With LawVu Intake, legal teams can empower their business partners to self-serve or submit legal requests with the tools they love, ensuring that the legal team has a streamlined workflow for requests and collaboration.

Integrations with enterprise solutions such as Outlook, Gmail, Slack and Salesforce help you meet the business where they are – leading to a more proactive legal function and better business outcomes.

Learn more: https://bit.ly/3GFERDJ (Video)

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The 2022 Gartner Magic Quadrant for Enterprise Information Archiving is now live, and Mimecast has been named a ‘Leader’ for the 7th time! Year after year Mimecast Cloud Archive is recognized for its seamless integration across archiving, continuity and security. Download the full report to see why we were named a ‘Leader’: https://bit.ly/3ocigbr

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Click for our brochure.

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Mimecast and SentinelOne have integrated to offer a holistic approach to incident response with #XDR automation. Learn more about how the integrated solutions can improve threat protection for enterprise devices and email: https://www.mimecast.com/resources/press-releases/dates/2022/2/sentinelone-api-integration/
#APIintegrations #Cybersecurity

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Increasing productivity and organization within a legal team is a growing priority – which is why Matthew Pentz, Assistant Town Attorney of Town of Cary, worked with his in-house legal team to bring in LawVu.

Before implementation, the team was operating “rudimentarily,” using running lists and searching through Outlook to manage matters. Since bringing in legal software, the team has a clear understanding of their value and complete transparency over team metrics:

“Knowledge is power and LawVu increases our knowledge. It increases the speed and efficiency of accessing the knowledge that we have, as well as leverages the experiences of team members in a more efficient and standardized manner.”

Read our case study on Cary’s journey with legal tech: https://bit.ly/3tr6MUK

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