New Delhi, Jan. 9 -- US-based private equity firm Haveli Investments has agreed to acquire a majority stake in Sirion, which develops contract drafting and management software, in a deal that values the company around $1 billion.
Austin, Texas-based Haveli didn't disclose the terms of the transaction but media reports said that it would likely acquire a stake of up to 90% in Sirion, which comes to around $900 million.
The deal will give an exit to Sirion's investors, including Indian venture capital firm Peak XV Partners and New York-headquartered Tiger Global.
Sirion was founded in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais. It last raised external funding in January 2023, when it collected $25 million in a Series D round from Brookfield Growth. This took its total fundraise from the round, which also included Partners Group, Avatar Growth Capital, Peak XV and Tiger Global, to $110 million.
Sirion's platform is built on a proprietary AI foundation that helps organisations create, manage and act on contracts. The company has grown annually by more than 40% over the past five years, and recently turned profitable, Sirion and Haveli Investments said in a press release. It operates across ten offices in the US, Canada, the UK, France, Germany, India, South Africa, and Singapore.
The PE firm, which makes control, minority or structured equity and debt investments in technology companies, said its investment provides Sirion with additional capital and operational support to accelerate product innovation and to expand global reach.
"Sirion is one of the best examples we have seen of a system-of-record software company combining proprietary small-language models with frontier LLMs (large language modes) and creating next-gen agentic AI workflows," said Sumit Pande, senior managing director at Haveli Investments.
"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," he added.
Published by HT Digital Content Services with permission from VC Circle.