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Ann Arbor-based LLamasoft has acquired Opex Analytics LLC, a Chicago-based provider of artificial intelligence solutions to Fortune 500 companies.

The acquisition, backed by TPG Capital, Goldman Sachs and MK Capital, is intended to create a combined company that will offer productized applications and innovative solutions to global organizations to accelerate adoption of artificial intelligence.

Opex Analytics will continue to operate under the Opex Analytics brand, now as a LLamasoft company. It employs more than 140 data scientists, operational experts, and development resources located in the U.S., Russia and India.

“The acquisition of Opex Analytics supports our strategy to transform the future of enterprise decision making,” Llamasoft CEO Razat Gaurav said in a statement. “The teams at LLamasoft and Opex are known for leveraging data and the power of AI to gain deep insights and solve complex problems for companies who battle a barrage of constantly changing market conditions and ever-evolving customer demands. The combination of our enterprise-grade analytics platform and our unmatched team of seasoned data scientists with simulation, optimization and machine learning expertise will uniquely position us to unlock the value potential of AI for our customers.”

Opex Co-Founder Michael Watson added: “With this combined firm, we’ll have additional assets and execution ability to bring solutions to the broader market at a time when many organizations are struggling to demonstrate progress on transformation initiatives.”

Gaurav will lead the combined company as the CEO of LLamasoft. Mike Watson and Ramakrishna will co-lead the Opex Analytics business unit within LLamasoft. TPG Capital, Goldman Sachs and MK Capital will continue to be active partners to the combined company.