Onit, Inc., a provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, announced that it has acquired Bodhala, a provider of AI-powered legal spend analytics, benchmarking and market intelligence.
Bodhala applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates. With proven results for optimizing spend and the procurement of legal services, Bodhala complements Onit’s commitment to provide the most innovative AI offerings for Onit and SimpleLegal corporate legal customers.
“A decade ago, Onit reinvented enterprise legal management by showing how workflow and process automation could drive useful and easily adopted best practices. Today, we occupy the forefront of business process automation, AI and legal business intelligence. Our vision for the next wave of business transformation has legal departments running their operations based on actionable data,” said Eric M. Elfman, CEO and co-founder of Onit. “The acquisition of Bodhala, combined with our enterprise legal management and AI-enabled technology platforms, gives our customers the power to exponentially multiply the savings and value associated with their legal spend.”
“We founded Bodhala with the belief that great legal talent should come at market-driven prices, and we’re incredibly proud to have built the most powerful solution on the market for legal spend analytics,” said Raj Goyle, CEO of Bodhala. “We are thrilled to continue to ride this rocket ship with Eric and his team. By combining with Onit, we will be part of a family of solutions that addresses the full spectrum of corporate legal business needs. We look forward to helping legal departments work faster and spend smarter.”
Bodhala will operate as an independent subsidiary of Onit. The company represents the third acquisition for Onit in less than a year. In November 2020, Onit acquired legal AI innovator McCarthyFinch and then document automation leader AXDRAFT 30 days later. Onit also acquired SimpleLegal, a modern legal operations software provider, in May 2019.
JEGI Clarity served as financial advisor to Bodhala, and OlenderFeldman served as legal advisor. Morris, Manning & Martin served as legal advisor for Onit.
Bodhala, a legal spend analytics and management platform, provides corporate legal departments with in-depth analytics and spend optimization solutions based on real-time market intelligence. Powered by machine learning and AI, Bodhala transforms messy data into actionable, high-impact insights to help companies save up to 20% on their outside counsel spend. The company, headquartered in New York and founded by attorneys, serves clients across the Fortune 500 and critical services economy industries. Bodhala was named the 2020 Legal Spend Management Innovation of the Year by the LegalTech Breakthrough Awards and One to Watch in Legal Technology by the Financial Times.
Onit is a global workflow and artificial intelligence platform that brings solutions to 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.