Onit acquires Bodhala, linking exploitable legal spend
HOUSTON, September 01, 2021 (GLOBE NEWSWIRE) – Above, Inc., a leading provider of business workflow and artificial intelligence platforms and solutions, including corporate legal management, contract lifecycle management, and contract automation. business process, today announced the acquisition of Bodhala, the leading provider of AI-powered legal spend analysis, benchmarking and market intelligence. The acquisition creates the most comprehensive corporate legal management solutions on the market, enabling corporate legal departments to turn analytics into actionable insights to optimize outside counsel spend.
Bodhala applies machine learning and AI to help businesses find outside advice at competitive, market-determined rates. With proven results to optimize spend and purchase of legal services, Bodhala complements Onit’s commitment to deliver the most innovative AI offerings for Onit and SimpleLegal corporate legal clients.
“Ten years ago, Onit reinvented corporate legal management by showing how automating workflows and processes can lead to useful and easily adopted best practices. Today, we are at the forefront of business process automation, AI and legal business intelligence. Our vision for the next wave of business transformation has legal departments that run their operations on the basis of actionable data, ”said Eric M. Elfman, CEO and co-founder of Onit. “The Bodhala acquisition, combined with our corporate legal management and AI-powered technology platforms, empowers our clients to exponentially increase the savings and value associated with their legal spend. “
“We founded Bodhala with the belief that great legal talent should be offered at market-determined prices, and we are incredibly proud to have built the market’s most powerful solution for legal spend analysis,” said said Raj Goyle, CEO of Bodhala. “We are delighted to continue piloting this rocket with Eric and his team. By combining with Onit, we will be part of a family of solutions that meet the full spectrum of business legal needs. We can’t wait to help legal departments work faster and spend smarter.
Bodhala will operate as an independent subsidiary of Onit. The company represents Onit’s third acquisition in less than a year. In November 2020, Onit acquired the legal innovator of AI McCarthyFinch then responsible for document automation AXDRAFT 30 days later. Onit also acquired Simple Legal, a provider of modern legal operations software, in May 2019.
For more on the acquisition, listen to the Onit podcast featuring Elfman and Goyle. Onit and SimpleLegal customers can schedule a Bodhala demo by contacting their Account Managers or Customer Success Team.
JEGI Clarity served as financial advisor to Bodhala, and OlenderFeldman served as legal advisor. Morris, Manning & Martin acted as legal counsel for Onit.
Bodhala, the leading legal spend management and analysis platform, provides corporate legal departments with in-depth spend analysis and optimization solutions based on real-time market information. Powered by machine learning and AI, Bodhala turns messy data into actionable, high-impact insights to help businesses save up to 20% on their external consulting spend. The firm, headquartered in New York and founded by lawyers, serves clients in the Fortune 500 industries and the critical services economy. Bodhala was named Legal Expenditure Management Innovation of the Year 2020 by the LegalTech Breakthrough Awards and One to Watch in Legal Technology by the Financial Times. For more information visit bodhala.com.
Onit is a global leader in workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, human resources and financial services. With Onit, businesses can transform best practices into smarter workflows, better processes, and operational efficiency. With a focus on corporate legal management, business management, expense management, contract lifecycle management and legal bottlenecks, the company operates globally and helps transform the how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between registration systems and engagement systems. Onit helps customers become more efficient, lower costs and automate transactions faster. For more information visit www.onit.com or call 1-800-281-1330.