SEATTLE--(BUSINESS WIRE)--SirionLabs, the global leader in artificial intelligence (AI)-powered contract lifecycle management (CLM), today announced a fresh round of $85 million in Series D funding led by Partners Group, a leading global private markets firm, acting on behalf of its clients, with participation from existing investors Avatar Capital, Sequoia Capital and Tiger Global. This brings the total raised by SirionLabs to $157 million – a significant milestone for the company since it was founded in 2012 by entrepreneurs Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais as it more than doubles the company's capitalization. The investment will enable SirionLabs to continue expanding its leadership position in the rapidly growing enterprise CLM market, which is projected to reach $3.3 billion by 2027.
“The two biggest challenges in CLM are aligning post-award performance with contract terms and automating the import of legacy documents using AI,” said Ajay Agrawal, Co-founder and CEO of SirionLabs. “The SirionOne platform has a compelling technology advantage in both of these areas. This capital allows us to seize the moment, accelerate product innovation and bring our award-winning solution to an increasing number of enterprise customers.”
The funding from Partners Group will support scaling SirionLabs’ operations, which includes adding up to 200 employees to its global workforce. Key emphasis will be placed on product innovation in AI and user experience (UX) that will attract new customers while also better serving the SirionLabs current customer base of more than 250 companies.
"We are delighted to lead this fundraising round for SirionLabs and have strong conviction in the company's future growth potential," said Cyrus Driver, Managing Director, Private Equity, Technology at Partners Group, who will join the SirionLabs board of directors. "The addressable market for CLM is expanding rapidly as more organizations undertake digital transformation initiatives. We were attracted by SirionLabs' leadership in this category, superior product offering, and blue-chip client base, and look forward to working with management on increasing scale-up capacity."
Recognized as a leader in the 2021 Forrester Wave for Contract Lifecycle Management and the 2021 IDC MarketScape for CLM, SirionLabs’ AI-led CLM platform facilitates legacy contract migration and delivers standardized contracting playbook, template and clause libraries to reduce draft generation time by up to 90%.
The new investment from Partners Group enables SirionLabs to deliver on its core capabilities for contracting professionals across a range of industries. These include reducing time-to-contract for sales teams; minimizing risk and contract review time for legal teams; providing finance professionals with visibility into expenses and revenues; supporting procurement professionals with negotiations; curtailing costs and increasing the efficiency of supplier management. To learn more about SirionLabs’ CLM platform and explore open positions, please visit: www.sirionlabs.com.
About SirionLabs
Bringing together category-leading innovation, unrivaled Contract Lifecycle Management expertise, and a deep commitment to customer success, SirionLabs helps the world’s leading businesses contract smarter. Powered by intelligence uniquely connected across the complete contract lifecycle, SirionLabs’ easy-to-use, highly configurable Smarter Contracting platform brings legal, procurement, sales, and business teams together to author stronger contracts, improve risk management and strengthen counterparty relationships. SirionLabs is trusted by over 250 leading organizations to manage 5+ million contracts worth more than $450 billion across 70+ countries. For more information, visit www.sirionlabs.com.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 170 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 127 billion in assets under management as of 31 December 2021, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
