Sirion drives efficiency and cost-effectiveness for its Customers
A Sequoia funded company, SirionLabs is transforming the supplier experience for enterprises in the rapidly emerging on-demand/service economy and has received several industry recognitions. Devinder Jeet Singh, GM – Marketing – SirionLabs, during a casual chat with VARINDIA shares the company’s GTM strategy and details about its customer base across the globe -
SirionLabs was founded in 2012 by Ajay Agrawal and Claude Marais. Today it has 200+ employees working across multiple global locations including India, US, UK, Singapore, Denmark and Germany.
SirionLabs has developed a novel SaaS product called Sirion, which assists large organizations to manage their strategic services suppliers (e.g. IT outsourcing, BPO etc.) by extracting the obligations within the contracts and tying the performance of those obligations to invoices received from the suppliers. “Our solution enables organizations to streamline the way they manage their key outsourcing suppliers and reduce the value leakage in those engagements by as much as 15-20% of annual contract value. Sirion has created a new product category within procurement technology called Supplier Governance,” says Devinder Jeet Singh, GM – Marketing – SirionLabs.
Sirion is used by strategic sourcing, procurement, vendor management, IT delivery, contract management, and finance departments at Fortune listed companies to effectively manage their strategic services supplier engagements. SirionLabs’ current clients include Fortune 1000 organizations with significant services outsourcing engagements such as IT, BPO, Logistics, Facilities Management, etc.
SirionLabs has 100+ professionals in its R&D team consisting of architects, developers, QA and product managers. Its technical team primarily comes from premier technology institutes such as IITs, NITs and BITS with rich domain experience at top technology companies
Sirion is delivered on a SaaS /subscription fee model, hosted on Amazon Web Services and is built on a multi-tenant architecture. Implementation of Sirion for a single customer generally implies access to thousands of users from both buyer side and supplier side. “Most Sirion customer engagements are multi-year as strategic services contracts commonly span 5-7 years. Additionally, the scope of our engagements expands over time to include additional contract types pushing up the annual contract value of the engagement,” explains Devinder.
Sirion reaches its customers through multiple channels – sales team, strategic alliances (with some of the top global strategy consulting firms), industry conferences, analyst relations etc.
“By implementing Sirion, organizations are able to reduce the manual effort in managing their suppliers by around 44%. This brings down the cost of supplier management significantly due to the reduction in the number of resources required to manage suppliers, but it also increases the efficiency and hence the capacity of the existing team to manage a broader base of suppliers,” he says.
Sirion’s goal is to double its annual revenue run rate to $6-9 million in the next 12-18 months. In addition to making further in-roads into its strongest markets – North America and Europe – Sirion will increase its focus on new markets such as Australia where it is seeing strong interest. “We will also look at specific segments in the Indian market (large suppliers and enterprises),” Devinder concludes.