On 12th May 2022, SirionLabs announced that it had managed to secure capital of USD 85 million in its Series D funding round. The Series D funding round was led by the Partners Group and also saw investments from other groups such as Avatar Capital, Tiger Global and Sequoia Capital. Based on the assets seen by SirionLabs in this round of funding, the total amount raised by the firm is estimated to be USD 157 million. This is an excellent achievement for the company as the amount is double what the firm began in 2012. These investments will allow the firm to continue its expansion projects and contribute to the rapidly growing CLM (contract lifecycle management) market, which will reach USD 3.3 billion by 2027.
SirionLabs aims to use the funding received in this investment round to support the upscaling of its operations. This also includes expanding its workforce and adding around 200 employees to its team. They also focus primarily on innovation in the AI (Artificial Intelligence) and UX (user experience) sectors. They intend to attract new customers by strengthening these two bases, as it will cater to their current customer base of 250 companies. This investment made by the Partners group will enable SirionLabs to enhance its core capabilities across a range of industries considerably. This will also allow the firm to reduce its time on tasks such as time-to-contract sales team, contract review for legal teams, minimizing risk, supporting procurement professionals, curtailing costs and increasing the efficiency of supplier management.
The Managing Director of Private Equity and Technology at Partners Group, Cyrus Driver, is said to join the Board of Directors at SirionLabs. He stated in an interview that the current CLM market is rapidly expanding as more enterprises are making use of digital technologies in their initiatives. He has also highlighted the strengths of SirionLab and expressed that Partners Group was drawn to the superior product offence, leadership and blue-chip client base of the firm and that they look forward to upscaling the capacity of this organization.
SirionLabs was founded in 2012 by entrepreneurs Kanti Prabha, Ajay Agrawal, Claude Marais and Aditya Gupta. The company specializes in creating Contract Lifecycle Management software that takes care of legacy contract migration and delivers centralized contracting playbooks, clause libraries and templates. This is done to reduce the draft generation time by 90%. The firm was recognized as the leader in the 2021 Forrester Wave for CLM and the 2021 IDC MarketScape for CLM for its use of AI in its software.
About Partners Group
The Partners Group was established in 1996, and since then, it has invested over USD 170 billion in private equity, private real estate, private debt and private real estate on behalf of its clients worldwide. Their motto is ‘realizing the potential in private markets. And it has been working towards this goal and today is a leading global private markets firm. They aim to generate strong returns via capitalizing on thematic growth trends and altering attractive businesses into market leaders.