SecureDocs
By Onit, Inc.
SecureDocs, founded in 2012, is a software company specializing in virtual data rooms (VDRs) and contract management solutions. It provides secure platforms for storing, managing, and sharing sensitive corporate documents, primarily used in transactions like mergers and acquisitions (M&A), fundraising, and audits. Headquartered in Santa Barbara, California, SecureDocs is known for its simplicity, affordability, and robust security features. In 2022, the company was acquired by Onit Inc., a leader in enterprise legal management and contract lifecycle management (CLM) solutions, but continues to operate as a standalone product line under Onit’s portfolio.
SecureDocs was initially developed as part of AppFolio before being spun off as an independent company in 2014. Over the years, it has grown to serve a global customer base across industries such as finance, legal, biotech, and more. The company has processed billions of dollars’ worth of transactions through its platform and has expanded its offerings to include ContractWorks for contract management and ReadySign for e-signatures.
SecureDocs raised $680K across three funding rounds before being acquired by Onit in January 2022. While the financial details of the acquisition were not disclosed, SecureDocs was described as a "stable business" with significant market penetration among small to mid-sized companies. Its estimated annual revenue is $6.7 million.
SecureDocs offers two main products:
SecureDocs Virtual Data Room: A secure platform for storing and sharing sensitive documents with features like:
Drag-and-drop uploads.
Permission-based user roles.
Audit trail reporting.
Built-in electronic signatures.
Advanced search functionality.
Customizable dashboards and watermarks.
ContractWorks: A contract management tool designed for cost containment, risk mitigation, and revenue acceleration.
Key features across these products include:
SOC 2 Type II certification for security.
Two-factor authentication (2FA).
Unlimited storage and users.
The acquisition by Onit allowed SecureDocs to integrate into a broader ecosystem of legal operations tools. Onit leveraged SecureDocs’ VDR capabilities to complement its existing CLM solutions while enhancing SecureDocs with features like ReadySign for e-signatures. This acquisition also aligned with Onit's strategy to target small to mid-sized businesses.
Recent feature updates include:
Built-in Q&A functionality: Streamlines due diligence processes by allowing real-time question-and-answer exchanges directly within the VDR.
Archiving & Alphabetization: Enables one-click downloads of entire data rooms and automatic alphabetization of files for easier navigation.
Enhanced Role Management: Provides granular control over user permissions with preview functionality to ensure appropriate access levels.
SecureDocs emphasizes simplicity, security, service, and savings as its core values. The company fosters a collaborative and supportive work environment with a strong focus on employee well-being. Team-building activities like ski trips, sailing outings, and casual office events are integral to maintaining morale. Employees describe the culture as positive, dynamic, and growth-oriented.
SecureDocs serves a diverse global clientele ranging from startups to established enterprises across industries such as legal services, biotechnology, finance, capital markets, and renewable energy. Customers appreciate its ease of use during complex transactions like fundraising or M&A due diligence. The platform has been instrumental in facilitating over 14 major transactions for some clients without any security incidents. In summary, SecureDocs has established itself as a trusted provider of secure document management solutions with a focus on simplicity and efficiency. Its acquisition by Onit has further bolstered its offerings while maintaining its standalone identity. With ongoing feature enhancements and a strong commitment to customer satisfaction, SecureDocs continues to be an essential tool for businesses managing sensitive transactions globally.
