Haveli Investments has agreed to acquire a controlling stake in Sirion, an artificial intelligence-driven contract management software provider, in a transaction valuing the business at around $1bn, Reuters reports.

Haveli is expected to acquire up to 90% of Sirion, according to a person familiar with the matter, although the firms did not disclose the precise size of the stake. The investment marks a major transaction for Haveli, which was founded by former Vista Equity Partners president Brian Sheth.

Sirion provides software that uses AI to draft, store, and manage enterprise contracts, embedding automation directly into core business workflows. The company has recently turned profitable, after delivering around 40% annual revenue growth over the past five years.

The investment will allow Sirion to accelerate product innovation and expand internationally, the companies said. Under Haveli’s ownership, Sirion could also pursue acquisitions in the contract lifecycle management sector, according to the person familiar with the matter.

Sirion was founded in India and now operates 10 offices across the United States, Canada, the UK, France, Germany, India, South Africa, and Singapore, serving enterprise customers globally.

Haveli managing director Sumit Pande said: “AI is becoming increasingly central to how enterprises operate, boosting the prospects of businesses that use it at the core of business workflows.”

The deal highlights continued private equity interest in profitable enterprise software platforms with strong growth trajectories and embedded AI capabilities.

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