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Onit Receives $4.1 Million Investment Led by Austin VenturesAustin Ventures Leads Series B Funding Round to Help Accelerate Product Innovation and Company Growth (January 17, 2012)
HOUSTON, TX -- (Marketwire) -- 01/17/12 -- Onit, a leading provider of business productivity and process management apps, today announced that it has raised $4.1 million in Series B funding led by Austin Ventures. Also participating in the round are the principals of RedHouse Associates, a leading Houston incubator and consultant that specializes in providing strategic advice and services to entrepreneurs and technology start-up companies. Onit plans to use the funding to accelerate product innovation and expand its line of business productivity and process apps to help companies streamline operations, improve employee productivity and drive customer value.
"Onit is a unique offering for business users that need to solve business problems with easy to use apps," commented Eric M. Elfman, the CEO of Onit. "Onit Apps streamline everyday processes and empower managers across all departments, business units and divisions to achieve total visibility and management of their business processes. This funding will be used to develop a sales and channel strategy, expand outside the legal vertical, build out the Onit App Builder (a self-service tool for end users to create their own Onit Apps), and make key hires in Engineering, Sales and Marketing."
"Process is inherent in everything a company does to make it as efficient, productive and profitable as possible," said John Thornton, General Partner at Austin Ventures. "Onit Apps are for companies that can't justify the spend for a full blown Business Process Management (BPM) tool but that still need more than email and spreadsheets to automate, manage and track business-critical processes. We are excited to be a part of this innovation to equip business users with powerful tools that don't require an expensive investment or IT resources."
John Thornton, General Partner of Austin Ventures will join Doug Erwin, RedHouse Chairman and Principal, and Eric Elfman on the Onit Board of Directors. Erwin will serve as the Chairman of the Board.
Onit was formed by legal software industry experts Eric M. Elfman and Eric A. Smith, co-founders of Datacert, a leading provider of enterprise spend management software. Launched in early 2010, Onit deploys Onit Apps to simplify business process automation and improve business productivity across all departments and industries. The Onit App Builder allows business users to drive efficiency and productivity by combining business process management, project management and information management into one easy to use tool so the user can create their own Onit Apps without having to rely on IT for support.
Businesses have processes for everything -- whether it's hiring a vendor or law firm, terminating an employee, submitting a contract for review, requesting a trademark request, obtaining an NDA, etc. Most of these processes are manual, paper intensive and cumbersome. With Onit Apps, processes are automated in a few clicks, responsible parties are notified immediately, and data collection is centralized. Onit doesn't require any software to download or resources from IT. For more information, visit www.onit.com or contact 1-800-281-1330.
About RedHouse Associates, LLC
RedHouse Associates provides strategic advice and services to assist entrepreneurs in developing business plans, devising product strategies, growing sales organizations, preparing senior management teams for interaction with investors, and advise our clients on raising capital and strategic exits. Visit www.RedHouseAssociates.com for more information.
About Austin Ventures
Austin Ventures ("AV") has worked with talented entrepreneurs to build valuable companies for over 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on new media, Internet, information services, business services and supply chain, and financial services. AV invests at all stages of company development, from $100,000 in "planned experiments" in early-stage ideas to $100+ million investments in expansion rounds and recapitalizations. AV's strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs. Visit www.austinventures.com for more information.
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