When Jerry Ting graduated from Harvard Law School, he was excited to start advising clients on strategy and helping them to solve their business problems. Instead, he realised that much of his time was spent manually reviewing contracts and other legal paperwork.
One of Ting’s first legal clients was Amine Anoun, then a graduate student at MIT working on advanced artificial intelligence research. Seeing Anoun’s work sparked an idea: What if they could use AI to automate all of the mundane aspects of contract work? If AI could minimise tasks such as reviewing contracts, lawyers could spend more time advising their clients. Together with Harvard classmate Jake Sussman, the three founded Evisort in 2016.
Evisort offers a completely new type of contract management platform. Using advanced machine learning algorithms, Evisort provides an end-to-end central platform for contract management and analysis. Evisort understands the meaning of words inside of contracts, without needing humans to manually do tedious data entry, freeing them up to be more strategic with their time. Key data points like party names, payment terms, expiry dates and legal obligations are tracked automatically. Companies can use the platform to build contracts based on templates, automate review cycles, store contracts in a central repository and analyse terms.
“The average company loses 10% of a contract’s value due to mismanagement,” says Ting, now CEO of Evisort. “This could be anything from missing out on discounts for early payment to being locked accidentally into a new term with a vendor by missing an expiry date and automatic renewal. By providing greater visibility into contracts, we help companies reduce risk and move contracts through the pipeline up to 46% faster.”
Evisort improved its ability to read and understand contracts by incorporating Adobe PDF Extract API into its intelligent contract platform. Working with PDF Extract API, Evisort can ingest contracts with greater ease, leading to faster and highly accurate data for clients.