On Thursday, contract life-cycle management (CLM) provider Sirion, formerly known as SirionLabs, announced the acquisition of Eigen Technologies, which offers an “intelligent document processing” (IDP) platform that allows users to build AI-powered data extraction models to harness data from their documents.

The deal will enable Sirion to expand the scope of its platform’s capabilities—allowing it to be leveraged on more documents types—and its footprint in the financial services industry, a major client base for Eigen Technologies. The CLM provider also announced that it will establish a new “AI Research Centre” in New York City to develop AI capabilities to cater to financial services clients.