Genpact has acquired leasing technology provider LeaseDimensions and artificial intelligence (AI) for enterprise service provider Rage Frameworks.
LeaseDimensions will combine services across equipment financing business, including GRADE, Genpact’s originations platform, and the processing of lease and loan contracts.
Genpact hopes that the acquisition will allow Genpact to use the combined services to enable lessors to launch and add scale to their portfolios.
The acquisitions follow the extension of Genpact’s master services agreement (MSA) with former owner GE, established upon its spin off in 2005.
The MSA will now run for a further four years, the second extension of the original 10-year agreement to provide professional services across all GE businesses.
Mohit Thukral, senior vice president of banking and financial services at Genpact, said: “Genpact now provides a solution for regional banks wanting to grow their equipment finance portfolios with our LeaseDimensions centre.
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“We will bring scale, ease-of-deployment, and an end to end operating model on cutting edge technology to enable faster equipment finance portfolio growth.”
Rage Frameworks provides an AI platform to allow businesses to glean real-time insight from balance sheets and reports through the automatic extraction of data.
Genpact plans to expand Rage’s AI offering, and said that the acquisition will allow the company to embed AI in its business operations, and speed up decisions and action.
Venkat Srinivasa, chief executive officer and founder of Rage Frameworks, 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.”