Contract management platform Evisort this week announced $35M in Series B funding following a year of 4x revenue growth, bringing its total funding to $55.5M. Global growth equity investor General Atlantic led the round, with participation from existing investors Amity Ventures, Microsoft’s venture fund M12, and Vertex Ventures. General Atlantic’s Operating Partner and former GE CIO Gary Reiner will join Evisort as a board member. The company will use the funds to grow its customer success team, expand its platform to include more workflow-specific offerings, and continue to push the boundaries of its pre-trained AI.
Enterprises have been racing to digitize contract management due to a convergence of three factors:
- Remote work has made manual contracting processes all but impossible
- New regulations have dramatically increased the risk of non-compliant contracts
- Pandemic-hit businesses are eager to find hidden cost savings and revenue in their contracts
Evisort’s cloud-native, end-to-end platform has helped enterprises do business faster and we’re told that one customer was able to recognize hundreds of thousands of dollars in unfulfilled rebates because Evisort identified discount clauses in thousands of vendor contracts and issued a notification through the finance system before the vendor invoices were paid.
This intelligent approach to contract lifecycle management (CLM) has secured Evisort 4x revenue growth over the past year and helped win or expand seven Fortune 500 or global clients in banking, healthcare and enterprise tech, including Microsoft, NetApp, Molina Healthcare, and Fujitsu.
“In this ever-shifting regulatory environment, it’s hard to know what information in contracts will be important tomorrow. Evisort makes it simple for our teams to train custom algorithms so we can react quickly as our compliance needs change. We’re able to track new information across hundreds of thousands of contracts without any manual effort,” said Tom Orrison, Director of Legal Ops at Microsoft.