Sirion, now valued around $1B, acquires Eigen in enterprise AI tooling consolidation play
What were the terms of the acquisition between Sirion Labs and Eigen Technologies?
The financial terms of the acquisition between Sirion Labs and Eigen Technologies have not been disclosed. However, the deal is a strategic move that combines Sirion's contract intelligence with Eigen's Document AI and intelligent document processing (IDP) platforms. This acquisition puts Sirion at the forefront of contract intelligence and allows for the expansion of its technology offerings for financial services and insurance customers.
How does Sirion Labs apply AI to the field of contract lifecycle management?
Sirion Labs applies AI to the field of contract lifecycle management (CLM) through various methods. The platform uses AI technologies like natural language processing to import and organize contracts, negotiations, and contract review. It leverages algorithms trained on legal documents and "industry data" to deliver visibility into contract performance, invoices, and relationships during the contract post-signature phase.
Users can utilize template libraries with "AI-led" clause selection, which helps generate boilerplate commercial contracts. The platform also allows loading third-party drafts to identify missing clauses, insertions, deletions, and modifications during multiple contract negotiation rounds. SirionLabs provides "draft risk scores" and suggestions for improving clause selection. Beyond this, the platform surfaces insights intended to give an edge during negotiations based on past contracting data.
SirionLabs' AI-powered CLM platform aims to help businesses manage the complete contracting lifecycle on a single platform4. From creating new contracts efficiently to ensuring granular monitoring of contractual deliverables, auto-validation of the invoices and data-driven relationship management, Sirion acts as a central nervous system for both buyers and suppliers in enterprise engagements6.
The company's AI core is one of the most advanced in the industry, and it uses it to help organizations digitally transform traditional CLM. Sirion integrates with other enterprise systems (P2P, ITSM, GRC, ERP) enabling an automated, real-time validation of supplier performance against the underlying contractual obligations and service levels. It performs auto-validation of invoices against the performance and contract data resulting in easy identification of invoice discrepancies.
SirionLabs' platform also leverages cutting-edge technologies, including AI, NLP, and machine learning, to auto-extract key information from contracts - expected outcomes (e.g., obligations, service levels), computational objects (e.g., base charges, rate cards, pricing adjustments), and risks (e.g., regulatory, liability, indemnity). This data is fed into Sirion’s powerful algorithms and workflows, allowing auto-computation of performance requirements.
What specific areas has Eigen Technologies focused on for extracting insights and data from documents?
Eigen Technologies has focused on parsing and extracting insights and data from documents in verticals like insurance, finance, and legal. The company's no-code tools are designed to summarize and extract meaning from lengthy and typically unstructured and arcane documents1. Eigen has built its own dataset and intelligence engine to underpin its capabilities1. Its offerings are aimed at non-technical users, with typical use cases including basic search, insights, summaries, and compliance purposes.