Company:Axdraft
| Type | Private |
|---|---|
| Industry | Software |
| Founded | 2017 |
| Founder | Yuriy Zaremba, Oleg Zaremba |
| Parent | Onit |
| Website | https://axdraft.com/ |
AXDRAFT, An Onit Company (also known as AXDRAFT) is an American contract management software company that makes legal technology for lawyers, legal teams, and other specialists who are involved in contract management. AXDRAFT is a privately held company headquartered in Houston, Texas. In December 2020, it was acquired by Onit, Inc. As of 2022, AXDRAFT has offices in Houston, New York, Frankfurt, Kyiv, and Lviv.
Among its core products, AXDRAFT offers a contract lifecycle management platform, a self-service documentation platform, and a free startup documentation service.
Since its founding, AXDRAFT has received numerous awards: Best Corporate-Startup Collaboration in 2020 from Ukraine Innovation Awards.[1], Document Management Platform of the Year in 2020 from LegalTech Breakthrough Awards[2], a Bronze Stevie in 2022 from The Stevie Awards[3], and a Gold Globee in 2022 from American Best in Business Awards[4]
History
AXDRAFT was founded in 2017 by Yuriy and Oleg Zaremba in Kyiv, Ukraine[5]. The impetus for starting the company came from Yuriy, who was a practicing real estate lawyer at the time[6]. Yuriy’s desire was to reduce routine contract work, so he reached out to his brother Oleg, who was a senior software developer at Booking at the time, for help with some of the technical aspects.
Originally, AXDRAFT was a side project for the both of them. But as the company grew, it began to demand more of their attention. Ultimately, both brothers left their full-time jobs in order to focus their time and energy on further developing the company.
Some of AXDRAFT's clients include British American Tobacco, Carlsberg, Glovo, Louis Dreyfus Company, Slack, Nestle, and OLX.[7]
In 2019, AXDRAFT was accepted to the Y Combinator accelerator program[8] and raised $1.4 million while reaching a valuation of $10M.[9]
In 2020, AXDRAFT began to experiment with using GPT-3 to translate documents and simplify challenging legal language.[10] On December 17, 2020, Onit, Inc., a software company that provides enterprise workflow software, artificial intelligence platforms, and business process automation, announced that it had completed the acquisition of AXDRAFT.[11]
In 2021, AXDRAFT was featured as one of the year’s 22 best document management companies and startups.[12] AXDRAFT also partnered with OneNDA to popularize contract standardization and self-service document automation.[13]
Software
AXDRAFT’s flagship product is AXDRAFT CLM, a contract lifecycle management platform that also supports document automation. The key features of AXDRAFT CLM include document drafting, redlining, legal review, e-signatures, clause libraries, centralized cloud storage, and automated notifications, as well as software integrations with Pipedrive CRM and Salesforce CRM.
AXDRAFT’s other products include:
- AXDRAFT Sign – e-signature service
- QuickDocs – self-service document platform that supports the drafting and signing of simple contracts
- Collaborative Editor – specialized word processor that enables collaborative word processing
- Avodocs – service that provides startup documents.
Awards
AXDRAFT has won the following awards:
| Award | Year | Sponsor |
|---|---|---|
| Best Corporate-Startup Collaboration | 2020 | Ukraine Innovation Awards |
| Document Management Platform of the Year | 2020 | LegalTech Breakthrough Awards |
| Bronze Stevie for Company of the Year - Computer Software - Small | 2022 | Stevie Awards |
| Gold Globee for Products, Services, and Solutions for Enterprises - Medium | 2022 | American Best in Business Awards |
References
- ↑ "Results of Ukraine Innovation Awards 2020" (in ru-ua). 2020-07-08. https://482.solutions/results-of-ukraine-innovation-awards-2020/.
- ↑ "2020 Winners" (in en-US). https://legaltechbreakthrough.com/2020-winners/.
- ↑ "Company / Organization Awards Winners | Stevie Awards". https://stevieawards.com/iba/company-organization-awards-winners-0.
- ↑ "Winners | American Business" (in en-US). https://globeeawards.com/american-business-awards/winners/.
- ↑ "Founder Stories: Yuriy Zaremba, AXDRAFT" (in en-US). https://www.lift99.co/blog/founder-stories-yuriy-zaremba-axdraft.
- ↑ "AXDRAFT Story" (in en). https://axdraft.com/story/.
- ↑ "Замість тисяч юристів. Як український стартап підкорив західні ринки і виріс на 200% під час війни" (in uk). https://www.epravda.com.ua/publications/2022/09/20/691646/.
- ↑ "AXDRAFT: AXDRAFT helps corporations draft, negotiate and approve documents 10x…" (in en). https://www.ycombinator.com/companies/axdraft.
- ↑ "Ukrainian AxDraft attracts $1.1mln in investments valued at $10mln" (in en-US). 2019-04-19. https://ain.ua/en/2019/04/19/axdraft-attracts-1-1mln/.
- ↑ artificiallawyer (2020-10-13). "Axdraft Doc Automation + CLM Platform Taps GPT-3" (in en-GB). https://www.artificiallawyer.com/2020/10/13/axdraft-doc-automation-clm-platform-taps-gpt-3/.
- ↑ "Onit Continues Buying Spree With Acquisition of Document Automation Provider AXDRAFT" (in en). https://www.law.com/legaltechnews/2020/12/17/onit-continues-buying-spree-with-acquisition-of-document-automation-provider-axdraft/.
- ↑ Smith, Mark (2021-06-18). "22 Top San Francisco Document Management Companies and Startups of 2021" (in en-US). https://beststartup.us/22-top-san-francisco-document-management-companies-and-startups-of-2021/.
- ↑ artificiallawyer (2021-12-03). "oneNDA Partners With Onit’s AXDRAFT" (in en-GB). https://www.artificiallawyer.com/2021/12/03/onenda-partners-with-onits-axdraft/.
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