Home » Business » Rage Frameworks, founded by Indian American Venkat Srinivasan, acquired by Genpact

Rage Frameworks, founded by Indian American Venkat Srinivasan, acquired by Genpact

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This is the third exit for Srinivasan, a Delhi University grad.

Venkat Srinivasan

Rage Frameworks, founded by Indian American entrepreneur Venkat Srinivasan, is being acquired by Genpact, a New York-based global business process management and services and information technology company.

An agreement toward the sale has been signed, according to a press release. The two sides have not disclosed the amount, or other terms of the deal.

Rage, based in Dedham, Massachusetts, has been working in the field of knowledge-based automation technology and artificial intelligence (AI) for the enterprise to enable them with the solutions for their critical business problems. Its software for data aggregation, analytics and task are being used by many big banks, companies, high technology firms, logistics and consumer product firms from across the world.

The deal is part of Genpact’s strategy “to drive both digital-led innovation and digital-enabled intelligent operations for its clients,” the press release said. It added: “The acquisition of Rage Frameworks advances this strategy, extending the frontier of AI for the enterprise. Genpact will embed Rage’s AI in business operations and apply it to complex enterprise issues to allow clients to generate insights and drive decisions and action, at a scale and speed that humans alone could not achieve.”

“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 of 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,” he added.

“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 Srinivasan said. “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.”

For Srinivasan, who ran Rage for 10 years, it is the third major exit. He had exited from two other companies, eCredit, which he sold in 2001 after running it for nine years, and Corporate Fundamentals. He is also the founder of EnglishHelper, which uses artificial intelligence to address literacy challenges.

Srinivasan earned his bachelor’s degree from Delhi University in 1975 and PhD from the University of Cincinnati College of Business,

He holds several patents related to flexible knowledge-based technology architectures.

Srinivasan is a member of the Board of Directors and Trustees of the American India Foundation’s Boston chapter.

Genpact’s acquisition of Rage has been in the making for more than a year. The two companies have been successfully partnering for the last 18 months in areas such as 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.

“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 at 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 of insight that was previously unattainable,” he said.