The Evisort Blog

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It’s been almost a year since the Court of Justice of the European Union (“CJEU”) issued its decision in Data Protection Commissioner v. Facebook Ireland Ltd. (Schrems II) in July 2020, invalidating the EU-U.S. Privacy Shield Framework established in 2016. The Court found that US surveillance laws did not afford adequate protection under the European Union’s Charter of Fundamental Rights and the 2018 General Data Protection Regulation (“GDPR”). Accordingly, the Privacy Shield did not provide sufficient security for data transfers from the EU to the US. The Schrems I and II decisions are named after Maximilian Schrems, who aimed to…
AI contracting platform to streamline client experience as part of bank’s digital innovation focus SAN MATEO, Calif. — June 8, 2021 — Evisort, the intelligent contract management platform, today announced its role as a leading contract intelligence provider for BNY Mellon. BNY Mellon will use Evisort to re-engineer its contract negotiation workflow and lifecycle management process, reducing the time required to reach an executable agreement. In collaboration with Evisort, BNY Mellon is able to develop customized initial contracts, tailored to clients and digitally coordinate with necessary internal stakeholders for approval of special terms. This workflow allows for the ability…
There are those in the contract management market who argue that artificial intelligence won’t have a meaningful impact on what a business’s employees do from day to day. They say that all you need is basic contract lifecycle management (CLM) software. However, there’s a huge difference between the bare minimum and the best solution. Yes, a bare-bones CLM platform should at least help you organize your contracts, but you probably shouldn’t expect much more from it. If you use a platform that doesn’t have the latest and best tools, then you’ll still be stuck with a lot of manual work…
We’re happy to announce that we now offer direct integration with Adobe Sign in order to further streamline every step of preparation and finalization of contracts. You can go straight from drafting clauses in Evisort to signing the document in Adobe Sign, and back to Evisort to manage the executed contract. We also have some thoughts on why you shouldn’t go without an integrated e-signature feature. When you’re negotiating and managing hundreds or thousands of contracts, you may not spend much time thinking about signing them — but the execution is arguably the most important part of the process! After…
So you’ve heard that there’s a cheaper alternative to best-in-class, AI-based contract intelligence platforms: managed review conducted by people using a different set of proprietary contract management software. If you’re not concerned about the timeliness of your review, you might be tempted to consider the provider that outsources part of the labor to slower human teams. However, it’s important to be aware of the hidden risks of outsourcing contract review in this way, because sometimes you get what you pay for. Here are four main issues to consider before you share your sensitive documents externally: Data Privacy If you’re outsourcing…
In today’s world of digital transformation, companies are looking for different ways to approach leveraging their cloud investments. That is why Evisort is proud to announce that customers can now search for and purchase Evisort’s Intelligent Contract Management software through the Microsoft AppSource & Azure Marketplace. This milestone just goes to show how Evisort is working to deepen its relationship with Microsoft after they participated in their Series B round in February of 2021 after leading Evisort’s Series A less than one year prior. The ability to transact through the Microsoft Marketplace also pushes Evisort towards its goal of…
We recently explored how contract management platforms can streamline mergers and acquisitions (M&A), from confirming a target company’s revenue to mitigating the efficiency and security concerns associated with conducting due diligence in a deal room stacked with piles of paper. As we noted in that post, however, the benefits of a contract intelligence platform extend far beyond the day the deal closes. The point of M&A deals is to create efficiencies and synergies by joining forces, but integration of newly unified business teams and their disparate systems and complex processes takes months—sometimes longer. One of the main reasons that…
The sudden increase in remote working arrangements during the pandemic has spurred rapid adoption of cloud-based tools for collaboration across a range of legal functions, from document storage to contract management. While many workers love the flexibility that these tools enable, it’s important to ensure that the applications your business uses offer just as much security as they do convenience. More and more of the contract data that businesses store in the cloud today is highly sensitive, and a growing proportion of the people accessing it are third parties such as legal counsel and contractors. This shift has made the…
2020 was a rough year for business, and mergers and acquisitions (M&A) took a hit in the spring as the pandemic brought commerce to an abrupt halt. However, M&A activity came back with a roar in the second half of the year, and is poised to continue its acceleration in 2021. Accordingly, this is an opportune time for business leaders to assess how their teams handle M&A due diligence and post-merger integration between businesses. Given that contracts are how business gets done, contract management has to be a central part of any company’s M&A strategy. But where should you…
More and more, insight-driven CFOs are realizing that the secret to better forecasting lies in their relationships with procurement. Capturing the big-ticket items from vendor contracts can be an extremely useful forecasting tool, giving CFOs a realistic picture of the company bank accounts. The supply chain can give CFOs a rich source of direct cash flow insight — if only they could access it. Building accurate direct cash flow models requires CFOs to get data from procurement teams in nearly real-time. Until the advent of contract intelligence, this data has been out of reach, stored in disparate systems.…
The California Consumer Privacy Act (CCPA) ushered in a new era for contract compliance management when it became effective on January 1, 2020. The CCPA lays out comprehensive rules for businesses that sell to Californians and handle consumer data. If a business has at least $25 million in annual revenue, or it collects and/or sells sensitive personal information from California consumers above certain thresholds, then it must adhere to strict requirements including how it handles that data, how quickly it notifies consumers of data breaches, and how it responds to access requests and consumer requests to opt-out of the collection…
When Travis Somerville joined Keller Williams to lead the new procurement team, he faced a problem that digital contracting change makers know all too well. To transform Keller Williams’ contract management function into a well-oiled, business-driving force, he’d need to motivate legal, finance, and procurement teams to truly start working together. Travis had his work cut out for him. Ten years of vendor agreements were scattered across departments. There was no shared calendar for tracking expiration dates. Contract requests were submitted and edited ad hoc over email. While legal was getting bombarded with intake requests, the finance department often…
There has been a rise in the number and impact of data breaches in recent years as more commerce moves online and a higher number of businesses collect and store customer data to provide increasingly individualized advertisements and shopping experiences. In response, we’ve seen a resulting propagation of divergent data privacy regulations for the benefit of consumers throughout a range of jurisdictions. There are currently 142 countries with data privacy laws, 62 of which enacted them in just the last decade. The European Union, United Kingdom, and United States each have different sets of regulations, with the GDPR already…
In previous posts, we’ve explained what contract lifecycle management is and why it matters for business. Legacy systems provide contract management software that automates some or all of the process of contract creation and management, from the generation of templates, through the negotiation and drafting of new or revised clauses, to the execution and ongoing management of a portfolio of agreements. But what’s next? At Evisort, we’re focused on the advent of artificial intelligence in contracts, and exploring what machine learning and natural language processing mean for the world of law. Businesses need to understand what’s in their contracts fast.…
By Jerry Ting, Evisort Co-Founder and CEO I’m thrilled to share that Evisort has closed $35M in Series B funding, led by General Atlantic.  Over the last couple of months, we’ve been able to meet the broader team at GA, and I couldn’t imagine a better partner as we scale our business to new heights. In particular, I’m excited to welcome Gary Reiner, former CIO of GE, as a Board Director and Alex Crisses, Managing Director and Co-Head of Emerging Growth, as a Board Observer.  It’s a privilege, too, to have the continued support of existing investors Amity Ventures,…
Pre-trained AI platform uncovers millions in potential savings, unlocks missed revenue, and exposes risks hidden in contracts within days of implementation SAN MATEO, Calif. — Feb 23, 2021 — Evisort, the intelligent contract management platform, today 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…