Sirion (see Pulse 2.0 profile here), a category leader in AI-native contract lifecycle management (CLM), announced the acquisition of Eigen Technologies, a market leader in Document AI for financial services and insurance that has pioneered data extraction and AI governance.
This deal combines Sirion’s contract intelligence with Eigen’s Document AI and intelligent document processing (IDP) platforms and puts it at the forefront of contract intelligence.
Sirion has been the leader in the use of AI to unlock contract intelligence. And its Single Extraction Agent (SEA) uses several hundred language models trained on billions of data points extracted from over 10 million enterprise contracts. And the addition of Eigen’s AI technology will accelerate the move from contract intelligence to full document intelligence. This transformation means Sirion’s customers will be able to pull insights from all business documents, ranging from contracts to invoices to purchase orders and engineering reports.
Sirion’s SEA and Eigen’s Document AI will come together in the AI Studio and help customers automate their wider business processes around contracting. And Eigen’s AI researchers and engineers, many of whom have joined from top universities and tech companies after completing PhDs, will form the core of Sirion’s new AI Research Centre in London.
This deal will also enable Sirion to expand the range of technologies and capabilities it offers its FSI customers. And central to this will be utilizing Eigen’s industry-leading model governance framework, which has earned regulatory approval and is critical for delivering straight-through-processing in banking regulatory reporting use cases. Plus, Sirion will establish another AI Research Centre in New York City to develop the next generation of AI capabilities for FSI, driving automation that give users higher control and explainability of the models.
KEY QUOTES:
“We are excited to welcome Eigen to Sirion. We have been at the forefront of teaching computers how to read contracts the way lawyers do. This combination of Sirion with the Document AI and IDP platform built by Dr. Lewis Liu and his Eigen team creates the world’s largest labelled contract dataset and allows us to extract valuable insights from a wide range of commercial documents adjacent to contract – such as invoices, purchase orders and performance reports – and drive deeper value realization for the business.”
- Ajay Agrawal, Founder & CEO of Sirion
“Unstructured data, specifically billions of documents and contracts that sit in enterprises, is one of the biggest problems that face businesses today. By combining Eigen’s best in class Document AI and AI governance with Sirion’s category leading CLM and document workflow capabilities, we are creating an unstoppable natural leader in the contract and document AI world. At Eigen, we pioneered large scale data extraction for complex documents and created the world’s most trusted Document AI engine. Our engineers and data scientists are some of the best in the world in bringing AI into production for large enterprises. Eigen, when integrated with Sirion’s platform, will change the enterprise data landscape as we know it, for the better. I’m excited to be joining Ajay on the Sirion journey and deeply believe we will solve the unstructured data problem when no one else has.”
- Dr. Lewis Z. Liu, Founder & CEO of Eigen Technologies
