Sirion, an artificial intelligence (AI)-native contract lifecycle management (CLM) company, has acquired intelligent document processing (IDP) firm Eigen Technologies.

The financial terms of the deal were not revealed.

Based in the UK, Eigen Technologies is engaged in providing document AI solutions tailored for the financial services and insurance (FSI) sectors.

The firm enables its customers to extract answers easily and accurately from their documents, helping them better scale operations, automate processes, manage risk, and navigate dynamic regulatory environments.

By leveraging machine learning, Eigen Technologies’ customisable, no-code AI-powered platform automates the extraction of answers from documents. The platform can be implemented in other use cases as well.

The platform comprehends context and offers better accuracy on far fewer training documents, while safeguarding the security of clients’ data.

Eigen Technologies founder and CEO Lewis Liu said: “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.”

Through the deal, Sirion integrates its contract intelligence with Eigen Technologies’ document AI and IDP platforms. Sirion’s SEA and Eigen’s Document AI will be combined in the AI Studio, enabling users to automate their wider business processes around contracting.

The acquisition will also expedite Sirion’s shift from contract intelligence to full document intelligence.

Besides, Sirion’s customers will be able to gain insights from various business documents, spanning contracts, invoices, purchase orders, and engineering reports.

Furthermore, Sirion will expand the range of technologies and capabilities it offers its FSI customers through the deal.

The company plans to set up new AI research centres in New York City and London to develop the next generation of AI capabilities for FSI.

Sirion founder and CEO Ajay Agrawal said: “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 realisation for the business.”