Silicon Valley Bank provided a $10 million credit facility to Onit, a provider of enterprise legal management, contract management and business process automation solutions.
The funding will be used to support growth initiatives and for general corporate purposes.
“We appreciate Silicon Valley Bank’s vote of confidence in our business plan, product offerings, and seasoned management team,” said Eric M. Elfman, CEO and founder of Onit. “The new credit facility supports our continued growth initiatives and strengthens our financially flexibility to expand both domestically and overseas. The continued access to working capital will help us achieve our corporate objectives and support potential future acquisitions. Additionally, we will have the opportunity to invest more heavily in R&D efforts to improve the scalability and efficiency of our business process automation platform. We are looking forward to a long term relationship with Silicon Valley Bank.”
“The continued growth of Onit is a testament not only to its industry-leading software platform, but in the team Eric has assembled around it,” said Weston Rice, vice president at Silicon Valley Bank. “SVB is pleased to provide this capital to augment both the short- and long-term growth initiatives of the business.”
