US private equity firm Haveli Investments has said that it will buy a majority stake in legaltech supplier Sirion.
Reuters reported that Haveli’s stake is expected to be up to 90%, which would value Sirion at about $1bn, citing a person familiar with the matter.
The investment will help Sirion, which makes contact lifecycle management software infused with AI, “accelerate product innovation and expand global reach”, the companies said.
The deal highlights the growing attraction of the legaltech sector to investors. Last year, Harvey, one of the biggest suppliers of legal AI software, closed a new round of funding led by Silicon Valley venture capital firm Andreessen Horowitz, valuing it at $8bn.
Sirion has 10 offices, including in the US, Canada, UK, France, India and Singapore.
Sumit Pande, senior managing director at Haveli, said: “As AI becomes increasingly central to how enterprises operate, we see strong structural tailwinds for AI-first platforms that sit at the core of business workflows.”
Ajay Agrawal, Sirion founder and CEO, added: “Contracts sit at the heart of every major enterprise transaction… and they increasingly define how value flows through an organisation.”
Sirion, which was founded in India in 2012 but is now headquartered in the US, says it has grown by an average of 40% per year over the past five years and recently turned profitable.
Its customers include Vodafone, Goldman Sachs and BNY Mellon.
Sirion says its software helps large companies manage contractual risk, better understand contracts and improve compliance.
The transaction is expected to close by the end of March, the companies said.
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