Genpact to buy AI company Rage Frameworks

Genpact employeeTechnology outsourcing company Genpact is set to acquire Rage Frameworks, an automation technology and services providing Artificial Intelligence (AI) for the enterprise.

Genpact is making investment in leading technologies, such as AI, as part of its strategy to drive both digital-led innovation and digital-enabled intelligent operations for its clients.

Genpact will embed Rage’s AI in business operations and apply it to enterprise issues to allow clients to generate insights and drive decisions and action.

“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 Tyagarajan, president and CEO of Genpact.

Rage provides AI platform in cognitive computing that enables large enterprises to leverage AI techniques and simplify automation challenges. Clients use this platform to derive real-time insight for mission-critical functions, including automatically reading and extracting data and insights from balance sheets and other financial data, contracts, news, and business reports.

Enterprises are also leveraging Rage’s AI 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.

“The combination of Rage’s no-code development platform and 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,” said Sanjay Srivastava, senior vice president and chief digital officer, Genpact.

Genpact plans to expand Rage’s AI offerings to clients in the financial services, insurance, consumer packaged goods (CPG), life sciences, industrial engineering, and high tech industries. Genpact aims to utilize AI for addressing application areas including supply chain optimization, supplier risk management, supply chain cost audits, purchase order automation, and automated contract reviews.

Venkat Srinivasan is CEO and founder of Rage Frameworks. Rage Frameworks is headquartered in Dedham, Massachusetts with global operations centers in Pune and Belgaum, India.

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