Bellevue-based contract software company SirionLabs has raised an $85 million Series D round.
With the round, announced Tuesday, SirionLabs is looking to add about 200 employees this year to its 600-person workforce, according to co-founder and CEO Ajay Agrawal.
In addition to its offices in downtown Bellevue at 10900 NE Fourth St. and in Gurgaon, India, the company recently opened offices in Germany, France and Australia.
SirionLabs, founded in 2012, offers technology to help companies create and manage contracts. The company's technology also helps with analytics, contract authoring and reporting. Its 250 clients include Unilever, Vodafone and the Greater Toronto Airports Authority.
SirionLabs' software "yields huge time and resource savings in areas like importing and organizing legacy contracts, negotiations and contract review," Agrawal wrote in a message to the Business Journal.
On its website, SirionLabs lists open roles in engineering, sales and product management.
Partners Group led the round, while Avatar Capital, Sequoia Capital and Tiger Global participated.
"We are delighted to lead this fundraising round for SirionLabs and have strong conviction in the company's future growth potential," Cyrus Driver, managing director for private equity and technology at Partners Group, said in a news release. "The addressable market for (contract lifecycle management) is expanding rapidly as more organizations undertake digital transformation initiatives."
As SirionLabs grows its business, it will face competition from Icertis, which also makes contract software and is headquartered in Bellevue. Icertis received an investment from SoftBank in October at a $5 billion value, and it followed that up with an investment from the German software giant SAP SE.
"Although (contract lifecycle management) is a $20 billion category ... only 20% of the global 2,000 today have a real off-the-shelf contract management system," Icertis co-founder and CEO Samir Bodas previously told the Business Journal. "So it’s a massive opportunity with the global 2,000. As you go smaller and smaller, you’ll see that opportunity becomes bigger and bigger. So really, it’s a green field. There’s no big player like us."
