Acquisition of Eigen Technologies by Sirion to enhance document AI capabilities

Sirion, a leading AI-native contract lifecycle management (CLM) company, has made a significant move by acquiring Eigen Technologies, a specialist in Document AI for insurance and financial services. This acquisition marks a major milestone in the industry, as it combines Sirion’s contract intelligence expertise with Eigen’s AI technology, paving the way for enhanced document intelligence capabilities.

Sirion has been utilizing artificial intelligence to unlock contract intelligence for a long time, establishing itself as a top player in the market. With the addition of Eigen’s AI technology, the company is set to accelerate the transition from contract intelligence to full document intelligence. This transformation will enable Sirion’s customers to extract valuable insights from various business documents, ranging from contracts to invoices and engineering reports.

The acquisition of Eigen will also allow Sirion to expand its range of technologies and capabilities for its FSI customers. Eigen’s AI researchers and engineers will play a crucial role in Sirion’s new AI Research Centre in London, with plans to establish another centre in New York City. This strategic move aims to develop the next generation of AI capabilities for FSI, driving automation and providing users with higher control and explainability of the models.

Ajay Agrawal, Founder & CEO of Sirion, expressed his excitement about the acquisition, highlighting the potential for extracting valuable insights from a wide range of commercial documents. Dr. Lewis Z. Liu, Founder & CEO of Eigen Technologies, also emphasized the significance of combining their Document AI and AI governance with Sirion’s CLM and document workflow capabilities, creating a powerful force in the contract and document AI world.

Overall, the acquisition of Eigen by Sirion represents a game-changing development in the industry, with the potential to revolutionize the enterprise data landscape and solve the unstructured data problem for businesses. The collaboration between these two innovative companies is set to drive significant value realization for businesses and propel the industry forward.