Genpact announces that it has entered into a definitive agreement to acquire PNMsoft, a Gartner Magic Quadrant-rated dynamic workflow, case management and work optimization solutions provider based around Tel Aviv, Israel. PNMsoft complements and easily integrates pre-existing systems of records that typically host manual process work, and will act as a core component in Genpact’s digital portfolio whose roadmap comprises close to 100 digital solution components (“digital assets”). Terms of the transaction were not disclosed. Closing is subject to satisfaction of certain customary conditions and expected in the third quarter. The transaction is not expected to be material to current year financial performance.
Despite the promise of digital technology and analytics, enterprises still struggle with architecting and transforming business processes that thread from the front to the back office, resulting in suboptimal customer experiences and operational performance. As a result, only about a quarter of executives are comfortable with the business impact of their digitally-enabled transformation, according to recent research conducted by Harvard Business Review Analytic Services in association with the Genpact Research Institute. Dynamic, intelligent workflow can help address this and that’s what PNMsoft combined with Genpact’s business process transformation capability sets out to achieve.
Financial services firms for example underwrite customer credit or insurance policies, and routinely struggle to ensure that employees interact with their counterparts efficiently, access the right data at the right time to make decisions such as approving a loan based on its financial conditions, or ensure that the transaction is compliant with regulations. Often, these processes are poorly documented, very manual, not scalable, and unable to learn and adapt from each transaction. This leads to dissatisfaction of clients and partners, rework, compliance issues, and often revenue loss.
Genpact addresses these challenges through its Lean Digital approach, which drives practical and nimble digital solution choices from its Systems of Engagement that leverage and integrate into pre-existing systems of records. For example, Genpact’s Systems of Engagement incorporate the use of Natural Language Processing (NLP) engines, machine learning and artificial intelligence (AI) techniques to completely automate exception management and transform business processes, creating a disruptive outcomes for clients. PNMsoft’s iBPMS solutions will provide a core layer for further building out Genpact’s Lean Digital assets.
Sanjay Srivastava, Genpact senior vice president and Chief Digital Officer, said, “PNMsoft will help us deliver agile, focused workflow interventions tightly aligned with business outcomes, that leverage data analytics in real time, use machine learning to learn over time, and utilize integrated machine intelligence. This is really exciting for us in our Lean Digital journey with our clients.”
“We are thrilled to be joining Genpact and look forward to integrating our iBPMS platform which also includes Case Management and Work Optimization into their growing portfolio of digital assets,” said Gal Horvitz, CEO of PNMsoft. “Genpact’s global footprint, horizontal and vertical solutions and expertise, combined with our products and services, will allow us to help a wider range of clients further transform their operations. We will support our current clients with more resources, invest more in our technology, and provide solutions to Genpact clients. Our goal is to become the world leader in BPM and dynamic workflow.”