Artificial Intelligence
Onit Continues High-Growth Trajectory, Attaining Important Milestones in 2020 and Positioned for Greater Growth in 2021
HOUSTON, Jan. 26, 2021 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow solutions and artificial intelligence, including enterprise legal management, contract lifecycle management and business process automation, today announced that it attained significant milestones in 2020 including a 36% revenue growth and a 406% three-year revenue growth, two acquisitions, expansion of its presence to five continents, the addition of 93 new customers and more than 330 expansions for existing customers, 90 customer implementations and a market-leading NPS score.
“While Onit faced pandemic-related challenges similar to many other businesses, we succeeded by focusing on what matters most: our customers, innovation and employees,” said Eric M. Elfman, CEO and co-founder of Onit. “We introduced OnitCX, a structured program dedicated to customer success and created Lean Into LegalOps, an online forum for legal operations professionals to share and learn that had close to 3,000 registrations in 2020. Our dedication to innovation informed our acquisition strategy, allowing us to become the first company in our space to offer two platforms: Apptitude, our workflow and business process automation platform, and Precedent, our business intelligence platform. We also never lost sight of one of our most important assets: our employees. While other businesses were reducing their workforces, Onit maintained its headcount and continued to hire, expanding our employee numbers by 22% worldwide and reaching a total of nearly 400. I credit the unceasing dedication and efforts by all of our employees for standing up to the challenges of 2020 and making us even stronger than ever before. We are well positioned for continued growth in 2021, which has been our trajectory since the founding of the company.”
Acquisitions and Product Innovation
In the past 20 months, Onit has acquired three companies – SimpleLegal in 2019 and McCarthyFinch and AXDRAFT in 2020.
McCarthyFinch reinforced Onit’s innovation strategy by delivering powerful AI-based workflow and business process automation solutions. The technology is now an integral component of Onit’s new business intelligence platform Precedent and the company’s first release on Precedent, ReviewAI, focused on the pre-signature phase of contract management and using AI to quickly review, redline and edit all types of contracts. McCarthyFinch is now the Onit AI Center of Excellence, with a mission to further AI innovation for Onit and SimpleLegal products.
Onit’s second acquisition in 2020, AXDRAFT, expands its contract lifecycle management offerings with document automation technology that drafts contracts and other legal documents in less than five minutes. AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary.
Other essential product innovations for Onit in 2020 included the launch of Process Builder for its no-code platform Apptitude, a new visually oriented, drag-and-drop-friendly, workflow-building interface that greatly simplifies the creation of workflows and business logic for all users – regardless of technical proficiency. The company also introduced its CLM Quick Start implementation package that allows companies of all sizes to streamline the entire contract process, reduce processing time and achieve higher contract compliance rates in less than 30 days.
Additional Compelling Milestones
Onit counted other important milestones during 2020, including:
- The company’s world-class Strategic Alliances program continued to grow, with Onit partners supporting more than 40 go-lives and 64 members from partner organizations Onit-certified in 2020.
- The training of 243 Onit employees, partners and customers in 43 sessions with 291 certification levels granted.
- More than $5.6 billion in law firm invoices processed in more than 140 countries.
- Its inaugural hackathon, Hack the House. The friendly competition featured legal operations professionals building useful workflow solutions on Onit Apptitude over a three-week period. Solutions solved challenges related to diversity, trademark renewals, mentoring and pro bono work. Demos are available here.
Awards and Recognition
Amid the ongoing pandemic in 2020, Onit won more than 15 awards based on accomplishments such as fast growth, customer success and company culture. These awards include:
- A listing on the Inc. 5000 for the fifth consecutive year with a ranking of #737 and three-year growth of 641%, coming in at #70 on the Inc. Fastest Growing Companies in Texas list and selection as one of the Inc. Private Titans, a list of the most iconic private companies in the United States as compiled by Inc. Magazine. Onit also ranked for the third consecutive year on the Deloitte Fast 500 at #190 and on the Houston Business Journal Fast 100 list at #9.
- Winning the award for Top Communicator and a ranking of #30 for the Houston Chronicle’s Top Workplaces. This is the third year Onit has been on this list.
- Leader ranking in IDC’s MarketScape reports for Enterprise Legal Spend Management and Matter Management.
- Winning the ACC Value Champion award with Onit customer Pearson and partner Morae Global for Pearson’s Transactional Services Center, which improved contract turnaround time by 30% and reduced the annual cost of service delivery by 35%.
2021 Outlook
“In 2021, we will capitalize on the lessons learned during this pandemic and our new technologies including artificial intelligence and document automation to increase growth,” commented Elfman. “Businesses spend more than half a trillion dollars every year on enterprise software. Much of that software works as a system of record rather than a system of engagement that better fits the needs of today’s modern knowledge workers like lawyers and legal operations professionals. The enterprise software market, especially for legal, is ripe for greater disruption, positioning us for continued success in 2021 and beyond as the innovative technology provider legal professionals know worldwide.”
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 or call 1-800-281-1330.
Media inquiries:
Melanie Brenneman
Onit
(713) 294-7857
[email protected]
Artificial Intelligence
Safeguard Your Mobile Memories before World Backup Day on March 31 with Qubii Duo
TAIPEI, March 19, 2024 /PRNewswire/ — March 31st serves as a critical reminder for digital citizens worldwide: World Backup Day. Industry advocates are calling on individuals to proactively secure their essential digital assets before April Fool’s Day, a time notoriously exploited by cybercriminals through malicious software attacks. Astonishingly, research indicates that one in three people have yet to perform a backup of their mobile device data. This oversight is often attributed to a reluctance to invest in cloud storage solutions or a simple lack of know-how regarding the backup process. The consequence? Potential irreversible loss of invaluable digital memories and information.
Enter Qubii Duo, the latest innovation in data backup solutions and recipient of the Good Design Award. The device boasts an “automatic” backup feature that activates whenever the user charges their mobile phone to seamlessly preserve your photos, videos, contacts, FB/IG content, and more. Each time you recharge your phone, it jumps into action, ensuring your memories are safely stored. It’s even smart enough to detect fresh content and avoid duplicate entries. Qubii Duo’s patented locking function ensures data security, preventing unauthorized access, and provides users with the option to scale storage capacity as needed. The solution stands out for its commitment to privacy, allowing for secure offline data backup without the recurring costs associated with cloud storage services. It supports both iOS and Android devices, including iPads and tablets, and facilitates effortless data transfer to computers via its plug-and-play feature, requiring no internet connection. This cross-platform compatibility ensures a seamless transition for users changing or upgrading their mobile devices, making Qubii Duo an indispensable tool in the digital era.
In the competitive tech landscape, the Qubii Duo has emerged as a remarkable success story, selling millions of units across the globe. Its seamless integration with Apple devices, courtesy of its MFi certification, along with a design focused on user experience, has resonated well with consumers. Maktar is celebrating this achievement by offering a special promotion for the Qubii Duo from March 18 to April 5. For those intrigued by its widespread acclaim, more information is available on the Qubii Duo promotion website.
About Maktar: A global startup brand specializing in the development and design of mobile phone peripherals.
Discover Maktar’s region-specific product selections:Maktar United Kingdom: https://r.maktar.com/UKMaktar USA: https://r.maktar.com/us331
CONTACT: Nancy, [email protected]
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Artificial Intelligence
Tetra Pharm Technologies introduces pain relieving drug in the United Kingdom
The Danish biopharmaceutical company, Tetra Pharm Technologies, is proud to announce the launch of its pain-relieving prescription drug, XATEPA®, in the United Kingdom.
COPENHAGEN, Denmark, March 19, 2024 /PRNewswire/ — Following last year’s successful launch of XATEPA® in Germany, the cannabinoid-based product will now become available to patients in the United Kingdom during Q2 2024.
XATEPA® is a carefully formulated drug designed to provide effective relief from chronic pain as well as discomfort arising from MS spasms and nausea. The innovative sublingual spray is devised as an enabling technology to provide optimal conditions for cannabinoid uptake and efficacy.
“We are thrilled to launch XATEPA® in the United Kingdom. We believe the product has the potential to make a significant impact on the lives of many patients. Our strategy is to continuously invest in building our pipeline of new drug candidates targeting the endocannabinoid system and related disease indications. The launch of XATEPA® across multiple markets allow us to scale-up long-term research and development efforts, which will always be our primary focus”, says Martin Rose, Chief Executive Officer, Tetra Pharm Technologies.
For the distribution of XATEPA® in the United Kingdom, Tetra Pharm Technologies has entered a strategic agreement with 4C LABS Ltd. who cooperate with a wide network of clinics, doctors, and patient organizations. The agreement ensures that patients in the United Kingdom and Channel Islands can get access to XATEPA® as all doctors, physicians and clinics can prescribe the product to their patients.
“4C LABS are excited to be the exclusive distributors in the United Kingdom for the suite of Tetra Pharm Technologies’ cannabinoid-based prescription drugs. Doctors and patients across the United Kingdom have been asking for drugs that offer an easy and consistent delivery method. This is exactly what XATEPA®’s novelty formulation and measured dose per spray offers”, says James Smith, Chief Revenue Officer, 4C LABS Ltd.
Tetra Pharm Technologies is planning to introduce XATEPA® in several additional European and overseas markets in 2024.
About Tetra Pharm Technologies ApS
Tetra Pharm Technologies is a Danish biopharmaceutical company established in 2018 with a vision to be a leader in research and development of pharmaceutical drugs for the treatment of diseases related to the endocannabinoid system. For more information, please visit www.tetrapharm.eu
For further informationJacob [email protected]+45 5197 6225
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Artificial Intelligence
Gcore AI-powered Speech Recognition Service Sets New Speed and Scalability Standard for Broadcasters, VOD and Content Owners
Powerful automated speech recognition service delivers cost-efficiency to content owners
LUXEMBOURG, March 19, 2024 /PRNewswire/ — Gcore, the global edge AI, cloud, network, and security solutions provider, has today announced the public availability of its powerful Gcore Artificial Intelligence Automated Speech Recognition (AI ASR). It seamlessly integrates into Gcore workflows enabling broadcasters, video on demand (VOD), live streaming, and enterprise content owners to reach new global audiences, significantly enhancing the accessibility of content for those speaking different languages or with hearing impairments.
Existing automated speech recognition (ASR) services can be slow, expensive and place a significant resource burden on content creators and owners. For broadcasters, enterprises or content owners with live news, sports events or investor relations information that must reach customers quickly, speed is essential. Traditional subtitle generation can take hours or even days if multiple languages are involved, and often results in inaccuracies.
The best ASR models, tested and in one place
Unlike other ASR services, Gcore AI ASR is a managed cloud service, supporting 100+ languages, that allows customers to focus on fast subtitle generation for their content, without the need for selecting and fine-tuning artificial intelligence (AI) models. The Gcore team rigorously assesses newly released and updated ASR models, ensuring the best option is available through the pre-configured service. The managed service team supports customers with model selection and fine-tuning them to meet specific needs.
Fast and cost-effective subtitles
Gcore AI ASR is fast and cost-effective, generating subtitles for a one-hour video in under ten minutes, with accuracy levels matching or exceeding those of humans and typically achieving a 4%–5% word error rate. Open-source ASR models for specific languages or subject domains can be selected to enhance accuracy based on the content to be subtitled. This customisation is particularly useful for industry-specific terminology, or content featuring multiple spoken languages.
Alexey Petrovskikh, Head of Streaming Platform at Gcore, comments: “Subtitles are critical to reaching global audiences with content. Gcore’s AI speech recognition service—AI ASR—gives broadcasters, content owners and enterprises a cost-effective and accurate way to reach global audiences with fresh, accessible content. It is another step in our commitment to the continuous innovation of our solutions and edge infrastructure.”
Gcore AI ASR is available now. Learn more at gcore.com/news/ai-asr-service
About Gcore Gcore is the global edge AI, cloud, network, and security solutions provider. Headquartered in Luxembourg, with a staff of 600+ operating from ten offices worldwide, Gcore provides its solutions to global leaders in numerous industries. The company manages its own global IT infrastructure across six continents, with one of the best network performances in Europe, Africa, and LATAM, due to the average response time of 30 ms worldwide. Gcore’s network consists of 160+ points of presence around the world in reliable Tier IV and Tier III data centers, with a total capacity exceeding 110 Tbps. Learn more at gcore.com and follow them on LinkedIn, Twitter, and Facebook.
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