Envoice’s artificial intelligence (AI)-powered bill and expense management platform will continue to operate as a standalone product, complementing Scoro’s professional services automation software, Scoro said in a Tuesday (Jan. 27) blog post.
When the products are used together, Envoice will help users get external cost data into the system, eliminating the need for receipt-chasing, manual data entry, approval routing and data cleanup, according to the post.
It will also eliminate the delayed visibility that service firms face when they manage their projects and billable hours in one system, and their project-related costs in another. In those cases, leaders often must wait until month-end to see their true profit margins, per the post.
Kadri Pultsin, head of product marketing at Scoro, said in the post that “by integrating [Envoice] directly with Scoro, we’re making it significantly easier to capture accurate cost data — so you see margins in real time, not two weeks later.”
The acquisition will also enhance Scoro’s application of AI and automation across the full project lifecycle by adding cost data from Envoice, giving the AI a complete, real-time picture, according to the post.
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“The result: more relevant recommendations, earlier warnings and fewer blind spots,” Pultsin said in the post.
The integration of the Scoro and Envoice products is currently in closed beta, according to the post.
Envoice said in a Tuesday blog post that it will continue to operate as an independent product and brand, and it will continue serving all its existing customers on the same terms and with the same quality.
What will change is the pace of development, according to the post.
“With the support of the Scoro Group, we can invest even more into product development, AI and new capabilities that will reach customers faster,” Envoice said in the post.
Scoro raised $16.4 million in a Series B funding round in 2021, saying the investment would fuel the continued expansion of its work management software for professional service businesses.
Hillel Zidel, managing director at Kennet Partners, which led the funding round, said at the time in a press release: “Clients get a lot of value out of Scoro and I’m very excited to support the company in its international expansion at a time when so many businesses are looking for productivity gains.”
Before that, Scoro raised $5.2 million in Series A funding in 2018.
