CPO Rising’s Technology Round-Up series continues this week with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
Sirion Acquires Eigen Technologies
LONDON & NEW YORK — Sirion, a category leader in AI-native contract lifecycle management (CLM) announced the acquisition of Eigen Technologies, a market leader in Document AI for financial services and insurance that has pioneered data extraction and AI governance. The deal combines Sirion’s contract intelligence with Eigen’s Document AI and intelligent document processing (IDP) platforms and puts it at the forefront of contract intelligence.
The company states that Sirion’s Single Extraction Agent (SEA) uses several hundred language models trained on billions of data points extracted from 10M+ enterprise contracts. The addition of Eigen’s AI technology will accelerate the move from contract intelligence to full document intelligence. This transformation means Sirion’s customers will be able to pull insights from all business documents, from contracts to invoices to purchase orders and engineering reports.
According to Ajay Agrawal, founder & CEO of Sirion, “We are excited to welcome Eigen to Sirion. We have been at the forefront of teaching computers how to read contracts the way lawyers do,” he said. “This combination of Sirion with the Document AI and IDP platform built by Dr. Lewis Liu and his Eigen team creates the world’s largest labelled contract dataset and allows us to extract valuable insights from a wide range of commercial documents adjacent to contract — such as invoices, purchase orders and performance reports — and drive deeper value realization for the business.”
Unstructured data, specifically billions of documents and contracts that sit in enterprises, is one of the biggest problems that face businesses today, said Dr. Lewis Z. Liu, founder & CEO of Eigen Technologies. “By combining Eigen’s best in class Document AI and AI governance with Sirion’s category leading CLM and document workflow capabilities, we are creating an unstoppable natural leader in the contract and document AI world.
“At Eigen, we pioneered large scale data extraction for complex documents and created the world’s most trusted Document AI engine. Our engineers and data scientists are some of the best in the world in bringing AI into production for large enterprises,” Liu noted. “Eigen, when integrated with Sirion’s platform, will change the enterprise data landscape as we know it, for the better. I’m excited to be joining Ajay on the Sirion journey and deeply believe we will solve the unstructured data problem when no one else has.”
Read the full announcement here.
KKR Acquires Majority Stake in Agiloft
NEW YORK & REDWOOD CITY, Calif. — KKR, a global investment firm, has acquired a majority stake in Agiloft, a leader in contract lifecycle management (CLM) software. With this transaction, existing investor FTV Capital will increase its investment, and JMI Equity will become a new investor in the company. The investment will help the company continue to expand as it grows market share, acquires new customers, further innovates product solutions, and extends its world-class standard of customer success.
Agiloft is recognized for its data-first CLM software, which facilitates contract management for legal, procurement, and sales departments. Its platform allows for significant complexity, serving various business needs and integrating with other systems, enhancing operational efficiencies. Agiloft acts as a system of record and provides its customers a global view of all their contracts across all phases, including contract approval, storage, and pre- and post-signature processes and performance. The company’s flexible platform allows Agiloft to handle significant complexity, serve a wide range of business needs, and integrate with other software systems, resulting in increased efficiencies and improved operational outcomes.
According to Eric Laughlin, CEO of Agiloft, “I am enormously proud and humbled by what we have been able to accomplish at Agiloft. While the business has grown significantly, we have always focused on and maintained our number one differentiator: customer satisfaction and retention, which is predicated on our uniquely agile solution, reliable implementation success, and human-centric approach to contracting,” he said.
“This new investment from KKR and JMI Equity and continued support from FTV Capital serve as a testament to the caliber of our team’s ability to provide and deliver differentiated world-class products and services to our customers,” Laughlin added.
Read the full announcement here.
Epicor Unveils Integrated Portfolio of AI and Data Management Capabilities Built Specifically for Supply Chain Industries
NASHVILLE — Epicor, a global leader of industry-specific enterprise software to promote business growth, unveiled its new Epicor Grow portfolio, an integrated set of artificial intelligence (AI) and business intelligence (BI) capabilities, powered by an industry-focused data platform tuned specifically for the requirements of the make, move, and sell industries.
The company states that the new portfolio reimagines how AI-powered ERP software can and should serve the supply chain industries and their workers. Guided by the company’s cognitive ERP vision to transform traditional ERP from a system of record to a system of action, the Epicor Grow portfolio leverages many types of AI — generative, machine learning, natural language processing, predictive analytics, and more — to deliver more than 200 highly specific industry use cases that adapt to workers in their contextual environment or workflow, giving them the insights and efficiencies they need to drive more value.
According to Vaibhav Vohra, chief product and technology officer for Epicor, “We know the keys to realizing the full power of AI revolve around two important things: applying AI to a well-defined, practical business issue, and leveraging high quality data,” he said.
“Our new Epicor Grow portfolio delivers on both fronts, putting workers at the center of the intelligence ecosystem. We’re delivering deep AI integration across real-world industry workflows — unlike ‘one size fits all’ industry-agnostic ERPs — to surface actionable insights and drive efficiencies. And we’re empowering users with a rich, industry-centric data platform and no-code tools to create purpose-built data pipelines to help solve specific challenges,” Vohra added.
The Epicor Grow portfolio is built to take advantage of these opportunities, unlocking new levels of efficiency, innovation, and competitiveness for companies across the supply chain. This helps workers reduce the complexity and friction in how they have traditionally extracted and used intelligence from their financial and operational data, machines, and external supplier communities.
Read the full announcement here.
Workday Announces New Program to Help Partners Scale Innovation and Realize Greater Value
PLEASANTON, Calif. — Workday, Inc., a leading provider of solutions to help organizations manage their people and money, announced Built on Workday, a new program that will enable partners to easily build, centrally manage, and market trusted finance and HCM apps that extend the power of the Workday platform.
The company stated that Built on Workday will empower partners to create purpose-built apps that address customers’ business and industry challenges, and monetize them via Workday Marketplace. With solutions for finance, people processes, planning, payroll, skills transformation, workforce management, spend management, and more, Built on Workday will enable customers to get even more value from their Workday investments.
According to Matthew Brandt, senior vice president, global partners for Workday, “Today’s rapidly evolving business climate requires us to remain a step ahead of our customers. That takes more than just innovating at Workday — it takes enabling innovation for our partners as well,” said.
“Built on Workday is the latest example of our efforts to extend the power of the Workday platform by working with our partners to continue meeting the evolving needs of our customers.”
Read the full announcement here.
Regions Bank Launches CashFlowIQ to Optimize Payment and Billing Processes
BIRMINGHAM, Ala., and SAN JOSE, Calif. — Regions Bank and BILL, a leading financial operations platform for small and midsize businesses, announced the launch of Regions CashFlowIQSM, a digital solution designed to simplify payments and streamline cash-management processes for Regions’ commercial clients.
According to Bryan Ford, head of treasury management for Regions Bank, “Businesses are looking for banks that provide more than financing; they want practical solutions to better manage their cash flow. That’s what we’re delivering,” he said.
“Regions CashFlowIQ helps clients digitally transform, automate, and consolidate their payment processes. This results in smoother business operations. It helps the client focus more time and resources on their own products and services while we make managing money easier, more intuitive, and more productive.”
The company stated that Regions CashFlowIQ, powered by BILL, provides advanced accounts payable and accounts receivable capabilities to help businesses securely pay bills, invoice customers, and receive payments faster. Regions CashFlowIQ will leverage BILL’s flexible payment offerings to provide more choices and capabilities for domestic and international payments, through:
- Enhanced Efficiency and Visibility: Businesses can initiate bill payments, create and send customized invoices, track payment information, streamline workflow approvals needed to approve payments, and automate payments all within the Regions OnePass®
- Automatic Sync and Payments Reconciliation: This feature helps clients reconcile their financial books by automatically syncing with accounting software. The platform integrates with many accounting software options currently available.
- Payments Flexibility: Clients can leverage multiple payment options from BILL, such as credit or debit card, virtual card, ACH, check, and international wires to complete transactions. This gives clients greater flexibility to make secure domestic or international payments.
Read the full announcement here.
Tagged in: Accounts Payable, AI, Artificial Intelligence, Cash Management, Contract Lifecycle Management, Supply Chain Management, Tech Round-Up, Technology
