LONDON & NEW YORK--(BUSINESS WIRE)--Sirion, the category leader in AI-native contract lifecycle management (CLM), is excited to announce the acquisition of Eigen Technologies, the market leader in Document AI for financial services and insurance that has pioneered data extraction and AI governance. Sirion is ranked by leading analysts like Gartner as the innovation leader in CLM and the world’s leading financial institutions like Goldman Sachs and Citi trust Eigen. The 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 long been the leader in the use of AI to unlock contract intelligence. Its Single Extraction Agent (SEA) uses several hundred language models trained on billions of data points extracted from 10M+ enterprise contracts. 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, from contracts to invoices to purchase orders and engineering reports. To read more on Sirion’s vision for AI in CLM check out our blog.
Sirion’s SEA and Eigen’s Document AI will come together in the AI Studio and help customers to automate their wider business processes around contracting. 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.
The acquisition of Eigen will also allow Sirion to expand the range of technologies and capabilities it offers its FSI customers. Central to this will be leveraging 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. 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.
"We are excited to welcome Eigen to Sirion," said Ajay Agrawal, Founder & CEO of 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.”
“Unstructured data, specifically billions of documents and contracts that sit in enterprises, is one of the biggest problems that face businesses today,” said Dr Lewis Z. Liu, Founder & CEO of Eigen Technologies. “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.”
You can read more details about the acquisition and Sirion’s vision for infusing AI into CLM on our blog.
About Sirion
Sirion is the world’s leading AI-native CLM platform, it has been a pioneer in applying generative AI to help enterprises transform the way they store, create, and manage contracts. The platform’s extraction, conversational search, and AI-led negotiation capabilities have revolutionized contracting across enterprise teams – from legal and procurement to sales and finance. The world’s most valuable brands such as BNY Mellon, DHL, KPMG and Vodafone trust Sirion to manage 7M+ contracts worth nearly $800B and relationships with 1M+ suppliers and customers in 100+ languages. Leading analysts such as Gartner, IDC, and Spend Matters have consistently recognized Sirion as a leader in CLM for its focus on category-leading innovation.
About Eigen Technologies
Eigen is an intelligent document processing (IDP) company that enables its clients to quickly and precisely extract answers from their documents, so they can better manage risk, scale operations, automate processes and navigate dynamic regulatory environments.
Eigen’s customizable, no-code AI-powered platform uses machine learning to automate the extraction of answers from documents and can be applied to a wide variety of use cases. It understands context and delivers better accuracy on far fewer training documents, while protecting the security of clients’ data.
Eigen’s clients and partners include some of the best-known and respected names in finance, insurance, law and professional services, including Goldman Sachs, ING, Citi, Orrick, Fortress, BNP Paribas and Deloitte. Almost half of all global systemically important banks (G-SIBs) use Eigen to overcome their document and data challenges. Eigen was backed by Goldman Sachs, Temasek, Lakestar, Dawn Capital, ING Ventures, Anthemis and the Sony Innovation Fund by IGV.
Eigen’s AI models achieve unparalleled accuracy and compute efficiency particularly for token-dense, visually complex, and sophisticated domain specific documents. Moreover, due to Eigen’s experience as a leader in enterprise AI for regulated industries including Financial Services and Insurance, Eigen has emerged as the world leader in AI governance, achieving the highest levels of automation and trust for mission critical document-to-data use cases. Eigen was the world’s first AI company to achieve regulatory approval for straight-through-processing for banking regulatory reporting use cases for the banks’ legal documentation.
Eigen was founded by Dr. Lewis Z. Liu out of his Oxford Physics PhD, where Dr. Liu invented a new class of X-ray laser; the mathematics for this PhD was later abstracted to form some of the original mathematical models for data extraction. Over the years, Lewis and team pioneered ‘small data AI’, where Eigen achieved extremely high accuracies of data extraction with minimal training data requirements (2-50 documents) with a no-code democratic approach to AI, where any business user can leverage Eigen. Building on this, Eigen developed the world’s most trusted AI governance framework for Document AI and has built the most trustworthy framework for LLMs and GenAI for automated document extraction and data transformation.