Onit takes recent purchasing spree to Europe with BusyLamp buy

Frankfurt-based BusyLamp has European corporate legal department customers Onit acquired Bodhala in a deal announced…

  • Frankfurt-based BusyLamp has European corporate legal department customers
  • Onit acquired Bodhala in a deal announced Sept. 1

(Reuters) – Software company Onit Inc has announced its second major acquisition in the span of a month, continuing an eventful 2021 for the growing legal tech provider.

Houston-based Onit on Tuesday said it has purchased Frankfurt-based BusyLamp GmbH in a deal that “creates one of the largest global enterprise legal management conglomerates.”

Onit offers tools including enterprise legal management, contract lifecycle management and business process automation to corporate legal departments. Among its 550 legal department customers are Archer Daniels Midland Co, British telecom company BT Group Plc and Jaguar Land Rover Automotive Plc, it said.

Adding BusyLamp, a legal spend and matter management tech provider for in-house legal teams in Europe, will help 10-year-old Onit expand its existing reach in the region, the company said.

BusyLamp, which will stand as an independent subsidiary of Onit, grew its annual recurring revenue by more than 60{1ecc11bb1501b786f489293ac2ac25fb54683d686574816a94d14a51901cfb17} in the last year, according to Onit’s announcement.

“Our mission at BusyLamp has always been to provide in-house counsel with the information, data, trust and tools they need to focus on the strategic management of their legal finances,” Michael Tal, co-CEO and co-founder of BusyLamp, said in a statement. “By combining with Onit, we will greatly expand on this mission with a wider breadth of technology offerings, a full suite of legal and compliance solutions and immediate access to the leading legal AI and spend management experts.”

The deal marks Onit’s fourth acquisition in the last 12 months, following closely on the heels of its purchase of legal spend analytics company Bodhala Inc, announced Sept 1. Onit acquired document automation company AXDRAFT Inc and artificial intelligence company McCarthyFinch late last year, and in May 2019 bought legal operations platform SimpleLegal Inc.

The company is one of several legal-related technology companies that have grown through a series of acquisitions this year. Mitratech Holdings Inc made its third acquisition in 2021 last week with Alyne GmbH. In August, document technology company Litera bought Kira Systems in its 12th acquisition since 2019.

Read more:

Onit acquires legal spend intelligence company Bodhala

https://www.reuters.com/legal/legalindustry/onit-takes-recent-purchasing-spree-europe-with-busylamp-buy-2021-09-28/