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K1 invests $200M in enterprise software provider Onit

Private equity firm K1 Investment Management LLC invested $200 million in Houston-based enterprise workflow solutions provider Onit Inc.

In a Jan. 8 news release, Onit said it will use the investment to scale its operations, fund go-to-market strategies, develop new software and improve the functionality of its existing products.

Onit provides enterprise software to legal, compliance, sales, information technology, human resources and finance departments of companies.

K1 Investment previously held a majority stake in middle-office software solutions company Apttus Corp., which was sold to Thoma Bravo LLC.