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.

In a blog announcing the acquisition, Sirion specifically explained how the deal will expand its services. "IDP represents a significant leap forward in the CLM market, enabling AI systems to understand the full context and meaning of various document types like invoices, purchase orders, engineering reports and operational manuals, beyond just contracts. … The Eigen acquisition enables Sirion to expand its already large base of labeled dataset to now create the world's largest labeled dataset for commercial contracting."