Workday, Inc., a leader in solutions for managing people and finances, has announced its plan to acquire Evisort, a pioneering AI-native document intelligence platform. This acquisition will bolster Workday’s finance and HR capabilities by integrating AI-powered solutions to unlock critical insights from unstructured data.
Unlocking Unstructured Data
More than 80% of business data, such as contracts, invoices, and policy documents, is unstructured. Evisort’s AI technology extracts actionable insights from these complex documents, helping companies make data-driven decisions. With Evisort integrated into Workday’s platform, customers will be able to search, analyze, and act upon this untapped data more quickly and efficiently.
Key Features of Evisort’s Platform:
- AI-Powered Insights: Quickly extracts key details from documents like contracts and invoices.
- Risk Management: Helps businesses reduce risks and manage obligations effectively.
- Automation: Streamlines processes such as document creation, stakeholder reviews, and compliance management.
- Terrance Wampler, Group General Manager at Workday: “Organizations sit on a gold mine of data but never fully harness it due to the complexity of searching and analyzing it. Evisort will help customers unlock the value of this data faster, empowering them to make better business decisions.”
- Jerry Ting, Founder and CEO of Evisort: “AI is transforming how companies turn unstructured data into strategic business decisions. Combining Evisort’s document intelligence with Workday’s platform will help businesses better leverage critical data.”
Enhancing Workday’s Capabilities
The integration of Evisort’s AI-powered document intelligence into Workday’s platform will support various business functions, including:
- Accounting: AI will streamline tasks such as reading and processing revenue contracts and supplier invoices, helping accountants detect errors and manage transactions more effectively.
- Procurement: Teams will use AI to enhance contract negotiations, manage risks, and uncover spend reduction opportunities by analyzing supplier agreements.
- Employee Knowledge Base: Employees will gain faster access to HR and finance policies through AI-driven chatbots, allowing them to source critical information more efficiently.
Closing of the Acquisition
The acquisition is expected to close in Workday’s fiscal year 2025, subject to customary closing conditions.
Workday’s acquisition of Evisort marks a significant step toward transforming how organizations manage and leverage unstructured data. By combining Evisort’s AI document intelligence with Workday’s existing finance and HR capabilities, businesses will be better equipped to make informed, data-driven decisions in an increasingly complex and fast-paced environment.
