Brookfield Growth tops up Series D round of SaaS venture SirionLabs
SirionLabs Inc., a US-headquartered firm with key operations in India and runs an eponymous software-as-a-service (SaaS) venture focussed on contract lifecycle management (CLM), has topped up its Series D round with $25 million from Brookfield Growth, the technology investment arm of Canadian asset management giant Brookfield.
This adds to the previously announced $85 million investment round last May, which was led by Partners Group with participation from existing investors Sequoia India and Tiger Global. The fresh capital will enable the company to expand its leadership position in the rapidly growing enterprise CLM market, it said.
“Sirion’s superpower is that it goes beyond the operational efficiencies of traditional CLM to monitor and manage performance against the terms of the contract after the contract has been signed,” said Ajay Agrawal, founder and CEO of Sirion.
“Bringing to life complex objects like obligations, service levels and pricing mechanisms, and using this to realize hard-dollar savings, is a harder path but ultimately offers much broader business value for our customers,” he added.
The new funding takes the total capital raised by the firm to over $176 million. In the past it has also raised money from investors such as Avatar Growth Capital, QualGro ASEAN Fund and Canopy Ventures.
The Brookfield Growth investment will support product innovation that will allow Sirion to reinforce its position at the forefront of CLM, including advances in AI capabilities and seamless integration with enterprise platforms such as SAP S/4HANA, Salesforce and Microsoft 365.
“We are disciplined in deploying capital with high-quality assets positioned to produce solid long-term returns for our investors,” said Josh Raffaelli, Managing Partner at Brookfield Growth. “Sirion is solving a truly horizontal problem that impacts the bottom line, whether it’s identifying savings, closing deals faster or mitigating compliance risk. Brookfield has experienced this as a Sirion customer across multiple business lines globally,” he noted.
Founded in 2017, Brookfield Growth seeks to partner and invest growth equity into technology companies that can leverage the diverse real assets and operating businesses that make up the $750 billion Brookfield Ecosystem.
Brookfield’s deployment of Sirion’s CLM software and subsequent investment underscores the value of CLM. This includes accelerated top-line growth through faster closes, lower costs through disciplined negotiations, stronger supplier management, and reduced operational and regulatory risk with mandatory compliance.
Sirion is used by over 250 leading organizations to manage over 5 million contracts worth more than $450 billion across more than 70 countries.