AI-native contract lifecycle management (CLM) company Sirion has acquired document AI specialist for insurance and financial services, Eigen Technologies, a pioneer in data extraction and AI governance.
The company has been using artificial intelligence (AI) to unravel contract information for years, and its experience makes it one of the best in the market, it says.
The company's Single Extraction Agent (SEA) uses hundreds of language models trained on billions of data points extracted from over 10 million enterprise contracts. The addition of Eigen's AI technology accelerates the move from contract intelligence to full document intelligence.
The deal will bring together Sirion’s contract intelligence with Eigen’s Document AI and Intelligent Document Processing (IDP) platform.
This transformation will enable Sirion's customers to derive insights from all business documents, from contracts to invoices, purchase orders and engineering reports.
With the acquisition of Eigen, Sirion will expand its technology reach,
Features offered to FSI customers.
Eigen's AI researchers and engineers will be at the core of Sirion's new AI research center in London, and the company also plans to establish another AI research center in New York City to develop next-generation AI capabilities for FSI and advance automation that gives users greater control and explainability over their models.
Ajay Agrawal, founder and CEO of Sirion, commented: “We are pleased to welcome Eigen to Sirion – we have been at the forefront of teaching computers to read contracts the same way lawyers do.
“Sirion, combined with the Document AI and IDP platform built by Dr. Lewis Liu and the Eigen team, will create the world's largest labeled contract dataset, enabling companies to extract valuable insights from a variety of contract-related commercial documents, including invoices, purchase orders, performance reports and more, to further drive business value realization.”
“Unstructured data, especially the billions of documents and contracts stored within an enterprise, is one of the biggest problems facing businesses today,” said Dr. Lewis Z. Liu, founder and CEO of Eigen Technologies. “By combining Eigen's best-in-class document AI and AI governance with Sirion's industry-leading CLM and document workflow capabilities, we're creating an unstoppable, natural leader in the world of contract and document AI.”
He continued: “At Eigen, we pioneered large-scale data extraction for complex documents and developed the world's most trusted Document AI engine. Our engineers and data scientists are world-class at deploying AI in production for large enterprises.”
“Eigen's integration with Sirion's platform will change the enterprise data landscape as we know it for the better. I'm excited to join Ajay on the Sirion journey and am confident that we can solve the unstructured data problem that no one else has been able to solve.”
