Ep 027: Founder Eric Elfman On Onit’s $200M Investment

<p><span style="font-weight: 400;">We thought 2018 was a banner year for investment in legal technology companies. But then, less than two weeks into 2019, the year got off to a roaring start</span> <a href= "https://www.lawsitesblog.com/2019/01/new-year-kicks-off-huge-200m-investment-legal-tech-company.html"> <span style="font-weight: 400;">with news</span></a> <span style= "font-weight: 400;">of a $200 million strategic investment in</span> <a href="https://www.onit.com/"><span style= "font-weight: 400;">Onit</span></a><span style= "font-weight: 400;">, a Houston company that provides enterprise workflow products for legal management, contract management and business process automation.</span></p> <p><span style="font-weight: 400;">To discuss one of the largest investments ever in a legal technology company, cofounder and CEO</span> <a href= "https://www.linkedin.com/in/ericelfman/"><span style= "font-weight: 400;">Eric M. Elfman</span></a> <span style= "font-weight: 400;">is our guest this week on LawNext. Elfman cofounded Onit</span> <a href= "https://www.lawsitesblog.com/2010/03/legal-project-management-in-cloud.html"> <span style="font-weight: 400;">nine years ago</span></a><span style="font-weight: 400;">, together with</span> <a href= "https://www.linkedin.com/in/ericsmithfifthrail/"><span style= "font-weight: 400;">Eric Smith</span></a><span style= "font-weight: 400;">, now Onit’s chief technology officer. The two had previously founded DataCert, a provider of matter management and legal and IP spend management for corporate legal departments that was eventually acquired by Wolters Kluwer.</span></p> <p><span style="font-weight: 400;">A self-described serial entrepreneur, Elfman and host Bob Ambrogi discuss why he created the company and how its products, after some early pivots, matured to where they are today. He also discusses the investment by K1 Investment Management, a Los Angeles private equity firm that specializes in investments in high-growth enterprise software companies. In addition, Elfman t