By acquiring the Intelligent Document Processing (IDP) vendor, the contract lifecycle management (CLM) leader aims to combine its contract intelligence with Eigen’s Document AI and IDP platform to bring the company to the forefront of contract and document intelligence.
Eigen Technologies, an Intelligent Document Processing (IDP) vendor, announced on June 6, 2024, that it has been acquired by Sirion, a leader in AI-native contract lifecycle management (CLM) software. Financial terms of the acquisition were not disclosed.
With the acquisition of Eigen Technologies, Sirion expects to accelerate its move from contract intelligence to full document intelligence, enabling the company to expand the range of technologies and capabilities it offers to its FSI customers.
Dr Lewis Z. Liu, Founder and CEO of Eigen Technologies, explained: “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.”
Ajay Agrawal, Founder and CEO of Sirion, said: “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.”
Dan Lucarini, senior analyst at analyst firm Deep Analysis, commented on the acquisition: “Contract lifecycle management is a perfect home for Eigen’s advanced document AI models and platform. It’s not just about a contract anymore; it’s about analyzing and understanding all of the documents related to a typical contract. With Eigen, Sirion can move beyond contracts and extract intelligence and meaning from many other document types like invoices, purchase orders, engineering reports and operational manuals.”
In addition, Sirion announced plans to establish two new AI research centres, one in New York City and another in London, where Eigen Technologies’ AI researchers and engineers will form the core.
Earlier this year, Eigen announced the availability of its IDP platform on the Microsoft Azure Marketplace. This provides Microsoft Azure customers with a streamlined solution for automating their data extraction workflows.
Headquartered in New York and with offices in Lisbon and London, Eigen Technologies offers an Intelligent Document Processing (IDP) platform that uses Natural Language Processing (NLP) to enable customers in a broad spectrum of industries such as insurance, banks, manufacturing and law firms to deliver data, insights and value across multiple use cases.
You can find the full press release here.
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