Scoro has recently acquired Envoice, aiming to offer businesses an all-encompassing solution for overseeing projects, work, resources, and expenditures.
Envoice’s AI-driven bill and expense management platform will maintain its operations as an independent product while complementing Scoro’s professional services automation software. This was highlighted in a blog post from Scoro on January 27.
When utilized together, Envoice will enable users to seamlessly integrate external cost data into the system. This eliminates the hassles of chasing receipts, manual data entry, approval workflows, and data cleanup, the blog stated.
This integration also addresses the problem of delayed visibility that service firms face when managing projects and billable hours in one platform, while keeping project-related costs in another system. As a result, leaders often have to wait until the end of the month to assess their actual profit margins.
Kadri Pultsin, head of product marketing at Scoro, noted, “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 is set to enhance Scoro’s application of AI and automation throughout the entire project lifecycle by incorporating cost data from Envoice, providing the AI with a comprehensive, real-time overview.
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“The result: more relevant recommendations, earlier warnings, and fewer blind spots,” Pultsin added in the blog.
The integration of Scoro and Envoice’s products is currently in closed beta.
Envoice mentioned in its own blog post that it will continue to operate as an independent product and brand. It will maintain its commitment to serving all existing customers with the same quality and terms.
One change will be the acceleration of development. “With the support of the Scoro Group, we can invest even more in product development, AI, and new capabilities that will reach customers faster,” Envoice noted.
Scoro raised $16.4 million in a Series B funding round in 2021, indicating that this investment would drive the continued growth of its work management software for professional service businesses.
Hillel Zidel, managing director at Kennet Partners—which led the funding round—expressed enthusiasm during the announcement, stating: “Clients gain significant value from Scoro, and I’m excited to support the company in its international expansion at a time when many businesses seek productivity gains.”
Prior to this, Scoro secured $5.2 million in Series A funding back in 2018.
