Workday announced its acquisition of Evisort, an AI-driven contract management platform, for an undisclosed amount. The move will integrate Evisort’s document processing capabilities into Workday’s existing finance and HR software suite.
Terrance Wampler, Workday’s group general manager, stated that Evisort’s technology will help customers unlock valuable data by offering AI-powered document intelligence, enabling quicker insights and more efficient actions.
Founded in 2016 by Harvard Law and MIT researchers, Evisort specializes in analyzing contracts, supplier invoices, and other critical documents. The platform identifies omissions, errors, and key elements, such as unclaimed benefits, while providing language recommendations and automatic notifications for important deadlines.
Evisort’s acquisition adds to Workday’s series of AI investments, including earlier acquisitions of Identified and SkipFlag. The contract management platform has secured notable clients like Microsoft, NetApp, and Vonage, raising $155.6 million from investors before its acquisition.
CEO Jerry Ting emphasized that Evisort’s AI capabilities will soon be integrated into Workday’s platform, enabling customers to transform unstructured data into strategic decisions.
Workday anticipates closing the acquisition in Q3 of fiscal year 2025, marking its second major purchase this year. The company has been expanding its AI focus, investing $250 million to support AI and workflow automation ventures, as highlighted by CEO Carl Eschenbach at the Workday Rising conference.
