Sirion Acquires Eigen Technologies To Advance Document AI Capabilities

CIOTechOutlook Team | Friday, 07 June 2024, 04:44 IST

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Sirion, leader in AI-native contract lifecycle management (CLM), declares the acquisition of Eigen Technologies, the market leader in Document AI for financial services and insurance who has pioneered data extraction and AI governance. Leading analysts like Gartner rank Sirion as the innovation leader in CLM, and Goldman Sachs and Citi, two of the world's leading financial institutions, trust Eigen. The deal advances contract intelligence by combining Sirion's contract intelligence with Eigen's Document AI and intelligent document processing (IDP) platforms.   
 
Additionally, Sirion will be able to broaden the range of technologies and capabilities it provides to its FSI customers as a result of the acquisition of Eigen. Using Eigen's industry-leading model governance framework, which has been approved by regulators and is essential for delivering straight-through processing in banking regulatory reporting use cases, will be central to this. In order to develop the next generation of AI capabilities for FSI, Sirion will establish a second AI Research Centre in New York City. These capabilities will drive automation that gives users greater control and explainability over 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.”
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