Workday adds 120+ AI models to contract intelligence platform

PLEASANTON, Calif. - Workday, Inc. (NASDAQ:WDAY), a prominent player in the software industry with a market capitalization of $65.6 billion, announced Wednesday the launch of a new Custom AI Model Library for its Contract Intelligence Agent that includes more than 120 pre-built AI models designed to analyze contracts across multiple business functions. According to InvestingPro data, the company maintains strong financial health with robust growth metrics.

The new library enhances the existing Contract Intelligence Agent by enabling automated analysis of a wider range of contract terms spanning HR, finance, legal, IT, and sales departments. The pre-trained models can identify key clauses, risks, line items, and terms in various types of contracts from employment agreements to vendor contracts.

According to the company, the AI models can summarize complex employment terms, extract financial details for invoice processing, analyze data privacy and security terms, extract lease agreement information, and analyze sales agreement terms.

"We aren’t just adding features; we are giving our Contract Intelligence Agent new skills that help solve real business problems," said Jerry Ting, vice president, head of agentic AI & Evisort at Workday.

The company stated that customers can deploy the pre-trained models immediately and refine them further by providing feedback without coding requirements.

Workday’s Contract Intelligence Agent is powered by Evisort, and the company positions the technology as a way to enable faster contract reviews, earlier risk detection, and reduced manual effort for organizations.

The announcement comes as Workday continues to expand its enterprise AI platform, which currently serves more than 11,000 organizations globally, including over 65% of Fortune 500 companies, according to the press release statement. The company’s strong market position is reflected in its impressive ~14% revenue growth and industry-leading 75.6% gross profit margin. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which features 12 more key tips about Workday’s financial performance and market position.

In other recent news, Workday has completed its acquisition of Paradox, a conversational AI platform aimed at enhancing the job application process, particularly for frontline industries. This acquisition is set to bolster Workday’s talent acquisition capabilities by integrating the Workday Paradox Candidate Experience Agent, which is now available for both existing and new customers. In terms of analyst ratings, BMO Capital has reiterated an Outperform rating for Workday, setting a price target of $285.00. DA Davidson has raised its price target for the company to $260.00, citing growth in AI initiatives, while maintaining a Neutral rating. Stifel has maintained a Hold rating with a $255.00 price target, following discussions with customers and partners about AI integration and platform adoption. Additionally, RBC Capital has also reiterated an Outperform rating, with a price target of $340.00, after attending Workday’s annual Rising customer conference and analyst day. These developments reflect a strong focus on AI growth and confidence in Workday’s strategic direction.

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