It was developed in the mid-60's as a light, highly mobile, tank destroyer, inspired by the Wehrmacht's experience during WW2, especially from the Jagdpanzer IV.
The KanJPz sports a 90mm gun, salvaged from the then already outdated M47 Patton tanks. When it was first fielded in 1966, well used, it could still be a threat to Warsaw Pact's T-55 & T-62.
But soon, the introduction of a new generation of Soviet MBT like the T-64 & T-72 made the KanJPz obsolete as a tank destroyer. Soon afterwards, most of them were refitted as ATGM platform (the Jaguar 2 from EE) by removing the gun and equipping it with TOW missiles. Still, mobile and with a low profile, the KanJPz can be a cheap and very good light armor, APC or IFV hunter even in the mid-80's.