working day announced on Tuesday that it acquires Evisoran AI-powered contract management platform, for an undisclosed amount.
In a press release, Terrance Wampler, Group General Manager at working daysaid Evisort's technology will enable Workday so as to add a collection of AI-powered document processing tools to its existing finance and HR software.
“Evisort will help us realize our vision and help our customers unlock the worth of their most significant data,” said Wampler. “With AI-powered document intelligence, they will gain and act on insights faster and more efficiently.”
Evisort adds to Workday's growing collection of AI-focused acquisitions, which began with HR analytics company Identified in 2014. In 2018, the corporate bought SkipFlag, the maker of an AI knowledge base built from an organization's internal chats.
San Francisco-based Evisort was founded in 2016 by a team of researchers from Harvard Law School and MIT – Amine Anoun, Jake Sussman and Jerry Ting.
Today, the startup offers AI-powered modules that help customers analyze documents equivalent to sales contracts, asset agreements, and supplier invoices for omissions and errors and receive recommendations on document language.
Evisort also helps you highlight necessary elements in documents, equivalent to unclaimed deliverables in supplier agreements, evaluate document language against historical benchmarks, and routinely notify customers of necessary upcoming file-related deadlines (e.g. contract renewals).
Competition within the AI document tools space is fierce; Fortune Business Insights Estimates that the corporate will likely be valued at $19.32 billion by 2032. But despite a security setback, Evisort was successful relatively early on and has expanded its customer base over time to incorporate brands equivalent to Microsoft, Motley Fool, NetApp and Vonage.
Evisort raised $155.6 million in capital and debt from investors including General Atlantic, TCV, Vertex Ventures and Microsoft's M12 before its exit. after to Crunchbase.
Ting, CEO of Evisort, said Workday customers can expect Evisort's features – including chatbots that reference an organization's knowledge base equivalent to HR and financial policies – to make their way into the Workday suite in the approaching months.
“AI is a strong force that’s transforming the way in which organizations transform unstructured data in documents into strategic business decisions,” Ting said in a press release. “We are excited to mix Evisort's document intelligence technology with Workday's unified finance and HR platform, which enables customers to more effectively leverage critical business data in a single system of truth.”
Workday expects the acquisition – its second this 12 months after HR platform HiredScore – to shut within the third quarter of fiscal 2025, subject to customary closing conditions.
In general, Workday has increased its investments in AI lately.
In 2023, the corporate announced it might raise $250 million in its VC fund, Workday Ventures, to support projects in AI, machine learning, and workflow automation, amongst others. Workday has also integrated AI capabilities into its various HR products, including “agents” designed to automate repetitive back-office tasks.
On Tuesday, on the Workday Rising conference, Workday CEO Carl Eschenbach called AI a “tectonic shift” with “immense potential” for the enterprise sector, but acknowledged that many firms struggle to implement AI “in a way that produces meaningful results.”
