Onit Appoints New CFO to Take Company Through Next

HOUSTON, April 21, 2017 (GLOBE NEWSWIRE) -- Onit, Inc., a leading provider of Enterprise Legal Management solutions, today announced that it appointed York Richards as Chief Financial Officer (CFO).

York brings a wealth of software industry finance and accounting experience to Onit and his background will be instrumental in the company’s growth. York is a seasoned executive with extensive experience managing finance organizations for high-growth companies, most recently serving as CFO at Riversand Technologies, Inc. where he was responsible for overall financial operations and reporting.

“York’s dynamic background in software finance and accounting impressed me from the beginning. His breadth of experience in partnering with other executives to achieve aggressive growth, balanced with fiscal discipline reinforced my decision that he was the right executive leader to join the team,” said Eric Elfman, CEO and founder of Onit. “York brings remarkable skills to our finance and accounting team and will be instrumental in providing the finance vision, strategy and leadership to help the company get to the next level. With York at the finance helm, I’m confident we’ll be well positioned to meet our growth goals moving forward.”

As CFO at Onit, York will be responsible for ensuring the finance organization can enable the company to drive growth, capitalizing on the accelerating demand for software solutions that drive greater efficiency and process automation across a spectrum of global businesses.

York comes to Onit with more than 15 years of finance and operations experience and has held CFO positions at several privately held companies in the Internet and technology industries. During his career, he has built large, multi-national finance organizations, completed many strategic acquisitions and divestitures, raised capital in debt and equity markets and managed multiple shareholder exits.

His background includes serving as the CFO of Idera, Inc. where he designed and implemented back office operations including accounting, finance, tax, human resources, legal, IT and maintenance renewals. In addition, York managed the development and execution of the Sarbanes-Oxley compliance program for BMC Software. During his career, he held a number of senior financial positions and served as director of finance of NetIQ Corporation, controller at PentaSafe Security Technologies and senior auditor of Price Waterhouse Coopers.

York holds a master’s degree in science and a bachelor’s degree in business administration from Texas A&M University.

Onit’s bookings and revenues each grew by more than 75 percent in 2016. The company also closed an $8.25 million round of funding, led by Level Equity, a technology-focused growth equity firm, to help propel Onit’s next phase of growth. Participation from previous and new investors including Austin Ventures, The Texas Halo Fund and angel investors were also part of this round.

About Onit             Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21 ^st  century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements.  By focusing on process, Onit Apps help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit  www.onit.com  or contact 1-800-281-1330.

Contact: Onit Jill Black jill.black@onit.com 713-560-9225