Evisort
AI contract management tool now folded into Workday after its 2024 acquisition.
On the record
Checkpoint: Workday earnings call where CLM/Contract Intelligence is or isn't named as a growth driver
The call
Evisort no longer stands alone, its fate now rides on whether Workday treats contract AI as a pillar or lets it fade into unnamed subscription revenue.
Evisort made software that reads and understands business contracts using AI. Workday, a giant payroll and HR company, bought it in 2024 and folded it into a new product called Workday Contract Intelligence. The hard part: Workday faces stiff competition from companies like Ironclad, Icertis, and Sirion that offer similar contract AI, plus the threat that basic AI assistants like ChatGPT can now do basic contract work that used to require specialized software. The one thing that matters most is whether Workday treats Contract Intelligence as a real growth business (by talking about it publicly and investing heavily) or just a side feature to sell existing customers, which will determine if the product survives and thrives or slowly fades.
Why
01
AI pressure: Ironclad Jurist, Icertis Vera, DocuSign Iris, Harvey, Robin AI. Frontier models make clause extraction and redlining commonplace, so rivals ship matching agentic features and undercut any lead Evisort's AI once had. Could AI do the core job? Only partly.
02
Bigger players: Workday, Inc. (now the owner itself). Workday bought Evisort but doesn't break out CLM revenue, leaving open whether contract AI is a real pillar or a minor add-on inside a much bigger company. Could a giant copy it? Probably.
03
What protects it. 11M+ contract training data and deep integration into Workday's HR and finance systems that customers already run on.
What would change this call
Workday names Contract Intelligence/CLM as a material revenue driver in an earnings call. Would show CLM is a strategic pillar, not just a minor cross-sell feature.
Jerry Ting departs Workday or shifts away from Agentic AI and Evisort oversight. Would suggest reduced internal priority for the former Evisort product line.
Gartner's 2026-2027 CLM Magic Quadrant places Workday/Evisort in Leader vs staying Challenger. Would indicate whether Workday is closing the gap with Sirion, Ironclad, and Icertis.
Jerry Ting departs Workday or shifts away from Agentic AI and Evisort oversight. Would suggest reduced internal priority for the former Evisort product line.
Gartner's 2026-2027 CLM Magic Quadrant places Workday/Evisort in Leader vs staying Challenger. Would indicate whether Workday is closing the gap with Sirion, Ironclad, and Icertis.
Key numbers
- $250-300M acquisition estimate
- ~$30M ARR at time of acquisition
- 200M+ extracted contract terms by customers
Named risks
- Workday does not break out CLM/Contract Intelligence revenue separately, obscuring whether it is a growth pillar or minor attach.
- Frontier LLMs commoditizing clause extraction and redlining across nearly all CLM competitors.
- Well-funded rivals Ironclad, Icertis, Sirion, DocuSign shipping comparable agentic features and contesting same enterprise deals.
- Evisort brand being phased out into 'Workday CLM' naming, signaling loss of distinct product identity.
- Newly launched Contract Negotiation Agent (mid-2026) is unproven at scale in real-world deployments.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Sirion, Ironclad, Icertis | losing to | Named Gartner CLM Leaders in 2024-2025 Magic Quadrant; Workday not named as Leader, per 2025-12-31 analysis |
| LinkSquares | contesting | Claims 5 consecutive years of G2 category leadership in contract review as of 2026-04-06 |
| DocuSign | contesting | Shipped agentic Iris feature for CLM, competing on same agentic-AI ground as of 2026-06 |
| Harvey, Luminance, Robin AI | contesting | AI-native entrants cited as most credible agentic launches in CLM space as of 2026-06-08 |
Questions people ask
- Is Evisort still an independent company?
- No. Evisort ceased to exist as a standalone company on September 17, 2024, when Workday, Inc. signed a definitive agreement to acquire it. The deal closed by Workday's fiscal Q3 2025 (ending October 31, 2024) and evisort.com now redirects to Workday product pages branded 'Workday CLM, powered by Evisort AI.'
- Who owns Evisort now?
- Workday, Inc. (NASDAQ: WDAY) owns Evisort as a wholly owned subsidiary, having acquired it in a deal announced September 17, 2024. Terms were undisclosed; analyst firm MGI Research estimated the acquisition value at roughly $250 to 300 million as of September 19, 2024.
- Could AI replace Workday's Evisort-powered contract tools?
- Clause extraction and redlining are commoditizing fast, with Ironclad's Jurist, Icertis's Vera, DocuSign's Iris, and LinkSquares' LinkAI all shipping comparable features by 2026. Workday counters with a proprietary dataset (11M+ contracts claimed pre-acquisition) and deep ERP integration rather than unreplicable AI capability alone.
- Who is Evisort's/Workday CLM's biggest competitor?
- Gartner's 2024-2025 Magic Quadrant for CLM names Sirion, Ironclad, and Icertis as Leaders, not Workday, with Sirion ranked highest in Gartner's 2024 Critical Capabilities for CLM. LinkSquares also claims five consecutive years of G2 category leadership in contract review as of April 2026.
- Was Evisort profitable before being acquired?
- No. MGI Research estimated Evisort's annual revenue run rate at roughly $30 million at the time of the September 2024 acquisition, growing about 25%, with a negative EBITDA margin, indicating the company was still unprofitable when Workday bought it.
- How much did Evisort raise before its acquisition?
- Evisort raised roughly $154.5 to 155.8 million across about nine rounds before its September 2024 acquisition, including a $15 million Series A backed by Microsoft's M12 in December 2019 and a $100 million Series C led by TCV in May 2022 at a reported $615.32 million post-money valuation.
Timeline
- 2026-06-08Workday ships agentic Contract Negotiation Agent for full-document AI review and redlining
- 2026-02-26Workday adds EU Frankfurt data residency and multilingual support for CLM
- 2025-10-22Workday launches Custom AI Model Library with 120+ models; Jerry Ting named VP
- 2025-03-27Workday Contract Intelligence and Workday CLM, powered by Evisort AI, go GA
- 2024-09-17Workday signs definitive agreement to acquire Evisort
- 2024Evisort achieves ISO/IEC 42001 responsible-AI certification
- 2023-11-08Evisort ranks #53 on 2023 Deloitte Technology Fast 500
- 2022-05Evisort raises $100M Series C led by TCV at ~$615M valuation
- 2019-12Microsoft's M12 backs Evisort's $15M Series A
- 2016Evisort founded in San Francisco by Jerry Ting, Jake Sussman, Amine Anoun
Revision history
22 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Workday Signs Definitive Agreement to Acquire Evisort (2024-09-17)
- Evisort AI-Powered Contract Intelligence Now Available Through Workday (2025-03-27)
- CLM or Document Intelligence? (2024-09-19)
- Workday Introduces New Custom AI Model Library (2025-10-22)
- Evisort IPO: Investment Opportunities & Pre-IPO Valuations (2023-11-14)
- $32.8M ARR, $98.4M Valuation (2025-04-09)
- Evisort Named on 2023 Deloitte Technology Fast 500 (2023-11-08)
- MGI Ideal Customer Profile: Evisort in CLM (2024-09-19)
- Workday Contract Intelligence, powered by Evisort AI
- Instant Insights for Decision-Making Across the Enterprise (2025-11-06)
- Agentic Contract Review and Redlining Is Here (2026-06-08)
- Workday Brings AI-Native CLM to EU Businesses (2026-02-26)