The recent performance of Evisort, a provider of artificial intelligence driven contract management solutions, offers significant insight into the current state of the legal technology market. The company recently released a year end report revealing it doubled its revenue and headcount during 2021.
Evisort’s Growth and Market Context
This substantial growth follows Evisort’s February announcement of successfully raising $35 million in a Series B funding round, bringing its total capital raised to $55 million.
While suggesting that every legal technology company achieved similar success would be inaccurate, the trend of record revenues is becoming increasingly common. This is particularly true among organizations specializing in contracts technology, a sector experiencing a notable boom.
This increased growth is largely fueled by the accelerated adoption of technology, particularly cloud solutions, driven by the global pandemic. The corporate legal sector, in particular, faced an urgent need to efficiently manage contract creation processes and accurately understand the substance of existing agreements.
The Evisort Solution
Evisort was established in 2016 with the explicit goal of utilizing AI to convert the unstructured text within contracts into structured data, enabling companies to extract key information and insights.
The platform delivers comprehensive services, encompassing both post signature contract management, review, and analytics, alongside pre signature contract generation and approval. Its distinguished clientele includes companies such as Microsoft and BNY Mellon. BNY Mellon notably secured a global innovation award stemming from its collaboration with Evisort.
Related: How It Works: Evisort, A Leading Provider of Contract Management and AI Solutions.
Evisort attributes its 2021 expansion to providing the necessary momentum for platform enhancement and the expansion of its market presence. In October, the company launched its Intelligent Dashboarding . This feature is touted as the first self populating dashboard capable of instantly visualizing contract data and summarizing key metrics without the requirement for manual data input. Other platform enhancements included the introduction of new collaboration, negotiation, and redlining tools, along with full integration with Salesforce.
Organizational and Educational Initiatives
The company’s expansion is also reflected in the doubling of its personnel, with new hires sourced from at least 15 states and provinces. These strategic additions included key roles such as director of commercial sales, director of DevOps, and director of quality engineering.
Jerry Ting, who cofounded Evisort while studying at Harvard Law School alongside classmate Jake Sussman and MIT student Amine Anoun, characterized 2021 as a truly transformative year for the organization. “We set ambitious goals to make groundbreaking technology and expand our community with our first conference and other initiatives, and we accomplished those objectives,” he stated.
Related: On Human&Legal, Evisort CEO Jerry Ting on the Future of CLM and Contracts Tech.
Further demonstrating a commitment to the legal field, Mr. Ting and Evisort Executive Vice President Memme Onwudiwe, also a Harvard Law alumnus, are scheduled to return to the law school this spring. They will co teach a reading group titled, Startup Entrepreneurship and Innovations in Legal Technology. This course is designed to equip law students with a strong foundation in legal technology entrepreneurship, utilizing a format that blends case studies, prominent guest speakers, and supplemental readings. Evisort’s own journey will likely serve as a prime case study within the curriculum.
