On Monday, Houston-based enterprise workflow solutions company Onit Inc. acquired legal operations platform SimpleLegal Inc. for an undisclosed amount. The merger comes nearly six months after K1 Investment Managed invested $200 million in Onit.
Onit co-founder and CEO Eric Elfman said his company and K1 approached SimpleLegal three months ago regarding an acquisition because SimpleLegal’s clientele is in the midmarket corporate legal department, unlike Onit’s large corporate department audience. Such a move into the midmarket was seen as complementary, Elfman said.
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