New Delhi, Jan. 9 -- Peak XV Partners, Tiger Global-backed Sirion is set to be acquired by a US based private equity firm in a deal that values the company at $1 billion.
Sirion, which develops contract drafting and management software, is set to be acquired by Haveli Investments, an Austin, Texas based tech focused private equity firm. Although the terms of the deal were not disclosed, media reports said that Haveli will likely acquire a stake of up to 90% in Sirion, which comes to around $900 million.
Sirion's platform is built on its proprietary AI foundation agentOSTM, which 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 release. It operates across ten offices in the U.S., Canada, the U.K., France, Germany, India, South Africa, and Singapore.
The PE firm said its investment provides Sirion with additional capital and operational support to accelerate product innovation and to expand global reach.
Haveli Investments is an Austin-based private equity firm that invests in tech companies through control, minority or structured equity and debt investments.
Sirion was founded in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais. In January 2023, it raised $25 million as part of a series D round from Brookfield Growth, taking its total fundraise from the round which included Partners Group, Avatar Growth Capital, Sequoia Capital India and Tiger Global to $110 million.
"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 and creating next-gen agentic AI workflows," said Sumit Pande, senior managing director at Haveli Investments, said while commenting on the deal.
"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.