NEW YORK—Genpact, a global professional services firm focused on delivering digital transformation for clients, has signed a definitive agreement to acquire Dedham, MA-based Rage Frameworks, founded by Boston entrepreneur and philanthropist Venkat Srinivasan. The company did not disclose financial trems and conditions of the deal.
“As the market for enterprise AI continues to grow at an unprecedented pace, we are excited that, with this transaction, we will be able to further scale and deploy advanced solutions across a broader client base,” Srinivasan, CEO and founder of Rage Frameworks, said in a statement. “With the ability to leverage Genpact’s deep domain expertise, together, we have the ability to generate an even deeper level of actionable insights and AI-driven automation businesses need to create sustainable competitive advantage.”
Rage Frameworks specializes in knowledge-based automation technology and services providing Artificial Intelligence (AI) for the Enterprise.
“As advanced technologies such as AI fundamentally change the definition of work, the ability for CXOs to find and leverage new solutions that combine the best elements of human expertise and machine intelligence, will be critical to their ability to gain and sustain competitive advantage,” said NV ‘Tiger’ Tyagarajan, president and CEO, Genpact. “In this time of unprecedented change, clients are looking for a different kind of partner – one that is able to combine the latest technological advances and real-world domain expertise with a deep understanding of their business to create meaningful transformation. The addition of Rage enhances our ability to do that and to drive digital-led innovation at scale.”
Rage provides a leading AI platform in cognitive computing that enables large enterprises across industries to leverage advanced AI techniques and simplify automation challenges. Clients use this platform to derive unprecedented real-time insight for a range of mission-critical functions, including automatically reading and extracting data and insights from balance sheets and other financial data, contracts, news, and business reports. They are also leveraging Rage’s solutions for front desk automation, real-time intelligence, and pricing – transforming how commercial lending, policy underwriting, financial statement analysis, investment research, and multi-system reconciliation can be performed. As a result, clients can address customer needs and market dynamics, manage risk better, differentiate their offerings, and achieve topline growth using AI technologies.
“As clients evolve their digitization journeys, AI is moving from experimentation into the mainstream. Enterprises are looking for comprehensive solutions which they can successfully deploy without an army of AI specialists,” said Sanjay Srivastava, senior vice president and chief digital officer, Genpact. “The unique combination of Rage’s no-code development platform and deep global talent pool of AI, automation, and financial services expertise, coupled with Genpact’s domain expertise and what we believe is the world’s largest digital process sandbox, allows for a level of agility of implementation and speed to insight that was previously unattainable.”
Genpact plans to expand Rage’s AI offerings and take them to both existing and new clients in the financial services, insurance, consumer packaged goods (CPG), life sciences, industrial engineering, and high tech industries, addressing existing and emerging application areas including supply chain optimization, supplier risk management, supply chain cost audits, purchase order automation, and automated contract reviews.
The acquisition follows a successful strategic partnership between the two companies over the last 18 months. The two companies have partnered on a number of strategic client engagements, including an automated management reporting solution for a large global insurer and global CPG leader, as well as automated financial spreading solutions for several large financial institutions, among others.