Contract Management Startup SirionLabs Acquires Seattle-Based Zendoc To Enhance Offerings

AI-powered contract management SaaS startup SirionLabs has acquired Seattle-based contract automation firm Zendoc for an undisclosed amount. 

The deal is expected to further strengthen SirionLabs’ leadership in the applications of AI in enhancing contract lifecycle management (CLM) as a category, the startup said in a statement. With this acquisition, SirionLabs is also looking to establish a Center of Excellence (CoE) in Nice, France.

In May this year, SirionLabs raised $85 Mn in its Series D funding round led by Partners Group. At that time, the startup said that the fresh funds would enable it to scale up its operations and ramp up hiring.

Zendoc’s team of engineers will join SirionLabs and focus on enhancing the user interface (UI) and user experience (UX) for the Sirion CLM platform and providing customers with a better user experience in the complex arena of legacy document migration. This deeper focus on customer experience would further solidify its leadership position in the CLM market, SirionLabs said in the statement.

“The war for talent is global, and we’re thrilled to be adding such skilled professionals to the Sirion team as well as gaining a foothold in a key region for tech development,” said Ajay Agrawal, cofounder and CEO of SirionLabs. “Their world-class engineering expertise moves the needle on our data-centric approach to building a better, faster, more powerful CLM platform.” 

The knowledge of Zendoc engineers will now play a key role in SirionLabs’ data-centric AI strategy, which utilises datasets to improve the performance of AI models.

Founded in 2012 by Agrawal, Kanti Prabha, Aditya Gupta, and Claude Marais, SirionLabs is headquartered in the US and offers AI-enabled smart contract management services for authoring, extraction, obligation management, and collaboration. The startup has its India office in Gurugram, while other offices are located in the UK, Germany, Australia, France, and Singapore.

SirionLabs claims to have collaborated with over 250 organisations across 70 countries for managing over 5 Mn contracts worth more than $450 Bn. The startup also claims to have raised a total funding of $157 Mn since its inception. 

By establishing an engineering CoE in France, SirionLabs is looking to expand its footprint in Europe, which is its key market for business and talent. The R&D team at France’s CoE will work along with the team at the CoE in Toronto to use customer feedback and insights for driving the next stage of SirionLabs’ product development.

“Joining forces with Sirion and establishing the Engineering CoE enables us to fuel innovation that makes enterprise contracting simpler, smarter and more intuitive—as well as reaching scale to achieve a data network effect,” said Laurent Lathieyre, Zendoc cofounder and CEO.

SirionLabs’ global competitors include Ironclad, Zycus, Agiloft, and Icertis.

SirionLabs’ peer Icertis recently raised $150 Mn from the US-based Silicon Valley Bank (SVB) after securing $75 Mn through a debt funding round last month.

As per a report, the global CLM software market is expected to reach a market size of $ 3.30 Bn by 2027, growing at a compound annual growth rate (CAGR) of 11.4% between 2022 and 2027. In fact, the Covid-19 pandemic-led remote work has further boosted the CLM market segment due to increased requirement of businesses to remotely maintain contracts with various stakeholders.

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