Contract lifecycle management (CLM) developer Sirion is acquiring Eigen Technologies, a specialist in data extraction and Document AI for financial services and insurance.

The deal combines Sirion’s contract intelligence with Eigen’s Document AI and intelligent document processing (IDP) platforms which the company says puts it at the forefront of contract intelligence.

The Sirion 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 view this blog post.

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. 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.”