SirionLabs Sees Increased Demand for Contract Extraction and Analytics as Firm Adds Large Global Clients
SirionLabs’ contract analytics platform, SirionAE, gains traction as the market moves away from traditional contract analytics towards neural network-based AI-powered technology
SEATTLE, WA (December 10, 2020) — SirionLabs, the leader in AI-powered contract lifecycle management (CLM) technology, today announced several key strategic milestones for 2020, including record growth and the signing of several major customers for its contract extraction and analytics product SirionAE.
“We are thrilled that the market has shown positive response to our contract analytics platform SirionAE. Our commitment to providing customers with cutting-edge technology for a range of business scenarios, including M&A, LIBOR transition, and digital transformation, has paved the way for the future of the contract extraction and analytics market.” said Ajay Agrawal, Co-founder and Chairman at SirionLabs. “Businesses are looking for deeper and more powerful functionality than what has historically been offered by legacy technologies. With advanced capabilities, such as self-learning AI, SirionAE is helping customers get the most out of their contracts.”
With innovations in machine learning and natural language processing, SirionAE helps enterprises improve decision-making through automated data extraction, discovery and analysis. Notably, SirionAE accurately extracts 100+ out-of-the-box fields and enables critical insights at half the cost and five times the speed compared to traditional contract management solutions. Since its launch earlier this year, the product has added several major customers including:
- A leading global telecom provider that chose SirionAE to capture unstructured obligations and service levels (in multiple formats and languages) from 80,000+ supplier and customer contracts for effective risk mitigation and deep governance.
- A multinational pharmaceutical company looking to digitize and migrate 50,000+ contracts to SAP Ariba. It selected SirionAE for its powerful extraction technology which proved faster and more accurate than other solutions, with SirionAE’s integration with Ariba enabling seamless flow of extracted information.
- A leading manufacturer of rail equipment that chose SirionAE to enable contract search, comparison, and aggregation for 10,000+ key contracts as part of an M&A due diligence process.
- A leading energy company that utilized SirionAE to analyze thousands of customer contracts in less than 10 days to meet a key regulatory deadline.
“In less than 6 months after SirionAE was introduced as a cloud solution, Sirion’s next-gen AI technology has been validated and is in productive use at customers delivering tangible value.” said Amol Joshi, Chief Revenue Officer, SirionLabs. “We’re excited to see organizations of different sizes, from SMBs to Fortune 500 companies, showing interest in AI-powered CLM technology, and we look forward to carrying forward this momentum in the new year.”
SirionLabs’ success has been widely recognized throughout 2020. In addition to securing a $44M Series C round, the company was honored as a Visionary in Gartner’s 2020 CLM Magic Quadrant and named the top-ranked CLM platform in Spend Matters’ SolutionMap. The company closed tier-one partnerships with CATS CM and Integreon while developing key innovative patent-pending AI updates, growing its global client base past 200 and accelerating its growth trajectory of more than doubling revenue year-over-year for the past three years. SirionLabs was recently named on Deloitte’s Fast Technology 500 as one of North America’s fastest-growing companies.
Unlike other competing contract analytics tools, SirionAE goes beyond basic metadata to capture out-of-the-box 100+ fields across clauses, obligations, service levels, rate tables, and more to digitize the heart of legal and business promises made, and consequences if those promises are not kept, between counter-parties. The system replaces rule-based AI with neural-network based technology that’s able to re-train itself on new contract types within days, versus weeks and months, and helps businesses pull insights from complex contract types across procurement, sales, finance, legal, operations and delivery. As a result, SirionAE is able to deliver a higher level of insights than competing products at 5-times the speed and 50% of the cost with no compromises.
SirionLabs, the SaaS leader in enterprise contract management (CLM), helps enterprises manage the complete contracting lifecycle on a single, easy-to-use platform. Sirion’s AI-powered capabilities – from smart contract authoring to auto-contract extraction, advanced obligation management and collaboration – enable enterprises to drive business velocity and outcomes, reduce risk and enhance revenue and savings in commercial engagements. SirionLabs is trusted by the world’s most successful organizations to manage 3.5+ million contracts worth over $300 billion across 100+ countries.
For more information, visit sirionlabs.com.
VSC for SirionLabs