KKR, a private equity firm, is investing about $55 million in Arago AG, a company which develops artificial-intelligence software that companies can use to cut costs. The Germany based company is headed up by tech-legend Chris Boos and Dr. Bernhard Walther.
The main competitor to Arago is IPSoft. Boos says the market opportunity is of $1.2 trillion.
Arago main product is “AutoPilot”, which took eight years to develop. It features algorithms which allow companies to automate their entire IT-Stack, which is considered to be disruptive to the way enterprises run IT.
To some extent, it replaces some Enterprise IT workers… hence the cost savings.
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