SirionLabs, a startup providing vendor management software to enterprises, is adding a U.S. headquarters to its footprint. The company was initially founded in India and has raised $16.95 million from Sequoia Capital India, Canopy Ventures and Qualgro VC to extract data from contracts to ensure transparency and accountability.

When scholars and technologists first began work on a theoretical ” smart contract ,” the idea seemed more like science fiction than reality. But in the decades since, that idea has come closer to becoming an achievement.

The Indian software-as-a-service (SaaS) ecosystem is poised for unprecedented growth. So much so that by 2025, it is believed that India will be the startup hub of the world. The global SaaS market is expected to cross $100 billion in the next few years, significantly outpacing the expenditure on traditional software and driven by rapid growth in customer adoption for cloud services worldwide.

India Emerging Twenty (IE20), created by London & Partners and launched by the Mayor of London, has a mission to discover 20 of India’s most innovative and high-growth companies with global aspirations. SirionLabs honored to be chosen as a finalist by India Emerging Twenty (IE20) panel.

The action is now in back-office SaaS. CIOs have realised that migration to cloud is the only way to achieve 100 percent digital transformation. India has missed the bus largely on the front-office SaaS. There’s a good chance India rise up to the back-office SaaS,” Indus Khaitan, CMO at Sirionlabs, told IANS.

SirionLabs, a leading provider of advanced supplier governance technology, announced today it has been named one of Fast Company’s Top 10 Most Innovative Companies in India. This exclusive annual list honors the leading enterprises and rising newcomers that exemplify the best in nimble business and impactful innovation. SirionLabs earned the no. 7 spot on the India list.