Integreon and SirionLabs Announce Strategic Partnership to Transform Contract Digitization and Repapering Processes
Partnership Brings Together Integreon’s Consulting and Services Expertise and SirionLabs’ AI-powered CLM Technology to Save Millions in Contract Management Cost for Enterprises and Law Firms
Integreon, a global managed services provider, and SirionLabs, the leading AI-powered contract lifecycle management (CLM) platform, announced a strategic partnership to deliver comprehensive contract management automation solutions combining Integreon’s consulting and services expertise with SirionLabs’ AI-powered CLM technology.
Contract digitization is a key priority today for businesses driven by the increasing business complexity, evolving regulatory environment and the current pandemic. The Integreon/SirionLabs partnership enables enterprises to significantly cut down on the cost and the time required to digitize legacy contracts while ensuring unprecedented depth and accuracy.
“Integreon is pleased to partner with SirionLabs, an industry-leading contract lifecycle management technology provider,” said Bob Rowe, CEO of Integreon. “Working together, our companies can successfully serve clients including Fortune 500 companies and their law firms to produce optimal results.”
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“For over two decades, Integreon has been a trusted partner for Fortune 500 organizations for their legal and business services requirements,” said SirionLabs Co-founder and Chairman, Ajay Agrawal. “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.”
A key focus area for the partnership is to assist financial institutions and their law firms with the LIBOR transition initiative. With the LIBOR reference rate set to expire on December 31, 2021, financial institutions are racing against time to complete massive repapering/remediation efforts to update all contracts directly or indirectly impacted by the LIBOR transition. This transition is expected to impact contracts worth over $350 trillion. The Integreon/SirionLabs partnership offers AI-powered capabilities to seamlessly drive the end-to-end LIBOR transition process – encompassing legal consulting, workflow and process design, data pre-processing, abstraction, review and validation, outreach and remediation.
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“The LIBOR transition is approaching fast, and financial companies need expert consulting and technology to help them repaper contracts successfully,” commented Jeff Catanzaro, Executive Vice President of Contracts, Compliance and Commercial Services at Integreon. “Also, regulations have exponentially increased in recent years, as has the need for corporations to gain a deeper understanding of contracts. The Integreon/SirionLabs partnership provides exceptional guidance and tools for companies to help them face these challenges.”
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