Haveli to buy majority stake in contract software firm Sirion

By Isla Binnie and Milana Vinn

Jan 8 (Reuters) – U.S. private equity firm Haveli Investments has agreed to make a majority investment in Sirion, which provides software that uses artificial intelligence to draft, store and manage business contracts, the companies said on Thursday.

WHAT HAS BEEN AGREED?

* Haveli will buy a controlling stake in Sirion, thecompanies said. They did not disclose the exact size or value ofthe stake. * Haveli’s stake is expected to be up to 90%, and the dealvalues all of Sirion at around $1 billion, a person familiarwith the matter said. * The investment will allow Sirion to speed up innovation inits products and expand globally, the companies said.

WHAT IS THE RATIONALE FOR THE DEAL?

* Haveli Managing Director Sumit Pande said in a statementthat AI was becoming “increasingly central to how enterprisesoperate”, boosting the prospects of businesses that use it “atthe core of business workflows”. * Under Haveli’s ownership, Sirion could eventually look toacquire other companies in the sector, the person familiar withthe matter said. * The company recently turned profitable, after delivering40% revenue growth annually over the past five years, thestatement said. * Sirion was founded in India and has 10 offices in theUnited States, Canada, Britain, France, Germany, India, SouthAfrica, and Singapore. * Haveli was founded by Brian Sheth, who was previously apresident at Vista Equity Partners, a leading private equityfirm that specialises in software investments.

(Reporting by Isla Binnie and Milana Vinn. Editing by Mark Potter)