On Thursday, December 17, 2020, the Ukrainian legal tech startup AXDRAFT announced that it has been acquired by Onit, an international provider of enterprise legal management solutions. AXDRAFT now becomes an Onit company but will continue to operate under its own brand. The details of the deal are not yet disclosed, but hints have been made that it could be a multimillion-dollar transaction.
AXDRAFT is an AI-driven document automation startup. It allows drafting a perfect document for lawyers and non-lawyers in just 4 minutes, covering the entire lifecycle of contracts, and minimizing routine legal processes by 80%. AXDRAFT participated at IT Arena Startup Competition twice – in 2017 and 2018, both times finishing in the top 10 startups of the year.
In 2018, AXDRAFT got into YCombinator, the world’s best startup accelerator program. Just a few months later, the startup raised and raised $1.2M investments from the Silicon Valley VCs. In 2019, the startup was valued at $10 million. The Onit acquisition means AXDRAFT is the first Ukrainian legal tech company to make a successful exit.
Yuriy Zaremba, AXDRAFT's co-founder and previously CEO, announced the startup's team of 14 people will remain the same. Yuriy, himself, will now serve as AXDRAFT General Manager. Oleg Zaremba remains AXDRAFT's CTO.
Read more about AXDRAFT and Onit here.