Breaking News: Workday Acquires Evisort, AI-Powered Contract Management Platform
In a groundbreaking move, Workday has announced its acquisition of Evisort, an AI-powered contract management platform. This strategic acquisition will enable Workday to enhance its existing finance and HR software with a range of AI-powered document processing tools. Terrance Wampler, group general manager at Workday, expressed excitement about the potential of Evisort's technology to unlock the value of critical data for customers.
Founded by a team of Harvard Law and MIT researchers in 2016, Evisort offers AI-powered modules that analyze documents for errors, omissions, and provide valuable insights. The startup has already garnered success with clients such as Microsoft, Motley Fool, NetApp, and Vonage.
Prior to the acquisition, Evisort raised $155.6 million from investors including General Atlantic, TCV, Vertex Ventures, and Microsoft’s M12. CEO Jerry Ting highlighted the integration of Evisort's features, including chatbots tailored to reference company knowledge bases, into Workday's suite in the near future.
Workday's CEO, Carl Eschenbach, emphasized the transformative power of AI in driving strategic business decisions. The acquisition of Evisort is part of Workday's larger strategy to invest in AI and machine learning technologies, with a focus on automation and streamlining workflows.
As an expert investment manager and financial market journalist, I recommend keeping a close eye on Workday's continued expansion into the AI sector. This move signifies a growing trend in the industry towards leveraging AI technologies for improved efficiency and decision-making. For investors, this acquisition could signal potential growth opportunities as Workday solidifies its position as a leader in AI-driven solutions for the enterprise sector. Stay tuned for more updates on this exciting development in the world of finance and technology.