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, the companies said. They did not disclose the exact size or value of the stake.

• Haveli's stake is expected to be up to 90%, and the deal values all of Sirion at around $1 billion, a person familiar with the matter said.

• The investment will allow Sirion to speed up innovation in its products and expand globally, the companies said.

WHAT IS THE RATIONALE FOR THE DEAL?

• Haveli Managing Director Sumit Pande said in a statement that AI was becoming "increasingly central to how enterprises operate", boosting the prospects of businesses that use it "at the core of business workflows".

• Under Haveli's ownership, Sirion could eventually look to acquire other companies in the sector, the person familiar with the matter said.

• The company recently turned profitable, after delivering 40% revenue growth annually over the past five years, the statement said.

• Sirion was founded in India and has 10 offices in the United States, Canada, Britain, France, Germany, India, South Africa, and Singapore.

• Haveli was founded by Brian Sheth, who was previously a president at Vista Equity Partners, a leading private equity firm that specialises in software investments.