Professional services firm Genpact has agreed to acquire US artificial intelligence (AI) and automation technology solutions provider Rage Frameworks.
The company offers dozens of “intelligent machines” to help companies automate various business processes, like supply chain cost audits and contract review.
Rage’s solutions perform “at a scale and speed that humans alone could not achieve,” Genpact stated. RAGE-AITM , one of its AI platforms, helps companies read and extract data and insights from a verity of sources, including balance sheets and financial data, business reports, news, and contract notes.
Genpact is looking for ways to diversify from business process outsourcing services to digital transformation services, according to its statement.
“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,” said NV ‘Tiger’ Tyagarajan, CEO of Genpact, in a statement.
Although headquartered in Dedham, Massachusetts, Rage Frameworks appears to have most of its employees in India. It runs delivery centers in the Indian city of Pune and Belgaum, a little-known town in South India.
It is not clear who its clients are or how many people it has employed. It claims it has agreements with five American wealth management firms to provide AI-powered technology solutions.
The report comes barely a week after Genpact said that it had launched an AI-powered technology solution that automates financial planning and analysis.
“Rage offers a diverse AI platform and enables large enterprises across industries to leverage advanced AI techniques while simplifying automation challenges,” said Genpact.
It seems Genpact will integrate Rage’s platforms into its portfolio and start developing similar automation tools for companies in insurance, consumer goods, life sciences, industrial engineering, and high-tech industries.