Professional services firm Accenture has acquired Mudano, a strategic data consultancy to UK financial services companies.
The deal, the terms of which have not been disclosed, is expected to further enhance Accenture’s analytics, data and artificial intelligence (AI) transformation capabilities.
Mudano’s team of industry-focused data professionals will join Accenture Applied Intelligence, which employs more than 20,000 people worldwide who help clients scale AI, including 6,000 data scientists, data engineers and AI specialists. Mudano’s data advisory expertise and technology solutions could complement Accenture’s existing capabilities and strengthen its commitment to helping clients generate measurable value and return on investment from large-scale transformation projects.
Founded in 2014 and headquartered in London, with a presence in Edinburgh, Scotland, Mudano uses advanced analytics, applied data science and modern data technologies to help the U.K.’s largest banks, insurers and wealth management firms transform key areas, such as customer behavior analytics, financial crime-prevention and intelligent data management.
Les Bayne, joint MD for Accenture Scotland, said: “Companies like Mudano here in Edinburgh deliver a wealth of talent in data analytics, artificial intelligence and machine learning to help financial services firms. Connecting this with Accenture’s own skills and capabilities in this area is an opportunity to showcase that talent internationally and fuel faster business value across the sector.”
George Marcotte, a managing director at Accenture who leads its Applied Intelligence group in the UK & Ireland, said: “In the UK, 87% of businesses are still struggling with how to scale artificial intelligence to deliver business value – and financial services is no exception.
“Mudano’s focus on helping clients build a ‘data culture’ aligns perfectly to Accenture’s applied intelligence strategy. By creating a strong data foundation – supported by the right skills, stakeholders and technologies – our clients can transform at speed and scale and fuel real change for their business.”
Ed Broussard, Mudano CEO, said: “Accenture’s reputation for excellence and large-scale delivery will enable us to help clients realise the benefits of data transformation – from setting the strategy and building the culture to leveraging the game-changing insights that data analytics can bring. We are excited to become part of one of the world’s leading companies and look forward to the opportunities this will bring for our employees and clients.”
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Accenture Applied Intelligence has received several recognitions from leading industry analyst firms in 2019, including being named a worldwide leader in AI vendor services by IDC. In the past several months Accenture Applied Intelligence has acquired Clarity Insights, Pragsis Bidoop and Analytics8, further enhancing its ability to meet growing client demand in the US, Spain and Australia, respectively.
Athina Kanioura, chief analytics officer and global lead, Accenture Applied Intelligence, said: “Our acquisition momentum in Applied Intelligence over the past six months enables us to deliver AI at scale to clients around the world across a range of industries. By bringing new talent and capabilities into our business, we complement our ongoing organic growth strategy and increase our speed to market.”
In its 2019 fiscal year, Accenture invested nearly $1.2 billion (£92 million) on 33 acquisitions globally to acquire critical skills and capabilities in strategic, high-growth areas of the market.
Completion of the acquisition is subject to customary closing conditions.