DENVER, CO - Headwaters MB advised RAGE Frameworks, a leader in knowledge-based automation technology and services providing Artificial Intelligence (AI) for the Enterprise, on its sale to Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation for clients. Terms of the deal are not disclosed.
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. Clients also leverage Rage's solutions for front desk automation, real-time intelligence, and pricing, thereby transforming how commercial lending, policy underwriting, financial statement analysis, investment research, and multi-system reconciliation can be performed. As a result, Rage clients address customer needs and market dynamics, manage risk better, differentiate their offerings, and achieve topline growth using AI technologies.
"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," said Dr. Venkat Srinivasan, CEO and founder, Rage Frameworks. "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."
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.Gary Moon, Managing Director and Head of Technology, Media and Telecom at Headwaters MB, commented, “We were pleased to represent a leader in AI solutions for enterprises, particularly the demanding financial services vertical. RAGE is extending the frontier of machine learning, pioneering the application of context specific and traceable deep learning for Enterprise business processes.”