In a recent episode of my LawNext podcast, I interviewed the founder of SirionLabs, Ajay Agrawal, about how his company is aiming to disrupt the field of enterprise contract lifecycle management through the use of artificial intelligence technology.
Now, that technology will be available to customers of global managed services provider Integreon, as the two companies are today announcing a strategic partnership to deliver comprehensive contract management automation through the combination of Integreon’s consulting and services expertise with SirionLabs’ AI-powered CLM technology.
The partnership comes at a time when digitization of contracts and automation of contract lifecycles is becoming a key priority for major enterprises. In my interview with Agrawal, he estimated that companies’ failure to properly manage their contractual obligations could be costing them as much as $2-3 trillion in losses every year.
This partnership, executives at both companies say, will enable businesses to significantly cut down on the cost and the time required to digitize legacy contracts while ensuring a high degree of accuracy.
A key focus of the partnership will be to assist financial institutions and their law firms with the phaseout of the LIBOR interest rate, which is set to expire next year. This has resulted in a major repapering scramble as financial institutions work to update affected contracts.
Integreon and SirionLabs say their partnership will help in this effort by combining AI technology with legal consulting, workflow and process design, data pre-processing, abstraction, review and validation, outreach and remediation.
“Integreon is pleased to partner with SirionLabs, an industry-leading contract lifecycle management technology provider,” Bob Rowe, CEO of Integreon, said in a statement. “Working together, our companies can successfully serve clients including Fortune 500 companies and their law firms to produce optimal results.”
“For over two decades, Integreon has been a trusted partner for Fortune 500 organizations for their legal and business services requirements,” Agrawal said in the statement. “Our partnership with Integreon offers the industry’s most advanced combination of contract AI and specialized services, providing clients real-time access to deep business insights hidden in their contracts.”