2 minute read | September.17.2024
Workday Inc., a leading provider of solutions to help organizations manage their people and money, has signed a definitive agreement to acquire Evisort, a leading AI-native document intelligence platform.
Orrick advised Workday.
The acquisition will add AI-powered document intelligence solutions across Workday’s finance and HR suite.
Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work and move their business forever forward.
More than 10,500 organizations use Workday around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500.
Evisort's AI-native contract intelligence platform helps premier organizations like Microsoft, Workday, McKesson, BNY Mellon, Western Union and NetApp know everything about their contracts.
With advanced, proprietary AI – including the first large language model (LLM) specifically for contracts – Evisort empowers teams to draft, manage, analyze and optimize their agreements faster and more intelligently, enabling them to expedite deals, reduce risk and cost, and transform legal and contracting challenges into strategic business opportunities.
More than 80% of business data is unstructured and organized in a way that’s not easy to search, analyze or act on. This includes data in contracts, invoices and policy documents.
With Evisort’s powerful AI capabilities, Workday will enable its customers to surface critical insights within this untapped data to make key business decisions faster than ever before.
"Organizations are sitting on a gold mine of data, but never harness its full potential because searching and analyzing it can be so complex and time-consuming,” said Terrance Wampler, group general manager, office of the CFO, Workday.
“Evisort will help us deliver on our vision to help customers unlock the value of their most critical data,” Wampler said. “With AI-powered document intelligence, they’ll be able to surface and act on insights more quickly and efficiently, keeping them ahead of today’s rapidly changing business landscape.”
Ramy Shweiky and Matthew Gemello led the team that advised Workday. The team also included Samantha Caluori, Sojin Kim, Lois Emmanuel, Sarah Schaedler, Juliano Banuelos, Shannon Yavorsky, Eric Wall and Craig Falls.