This is M&A deal number 214 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
The acquisition will help Accenture meet what it sees as growing demand for enterprise-scale AI and digital analytics solutions across the region.
As part of the deal, nearly 50 data science and data engineer experts will join Accenture Applied Intelligence, the global IT consulting firm's team and service for artificial intelligence, data, analytics and automation.
Founded in 2011 and headquartered in Ahmedabad, Byte Prophecy has worked closely with Accenture Ventures since 2018, collaborating with Accenture and its clients in the Asia-Pacific region on advanced data and analytics projects.
Accenture’s Byte Prophecy Deal: Executive Perspectives
In a prepared statement about the deal, Piyush N. Singh, Accenture’s market unit lead for India and sales lead for Growth Markets, said:
“Across industries, decision making has become more complex, and businesses are increasingly relying on advanced analytics and AI to ensure insight driven, rapid decision making. Beyond advanced technology capabilities, Accenture brings our clients a co-innovation mindset, and in Byte Prophecy we found a partner with the right mix of technology and consulting skills, and a client-centric innovation culture.”
Mrugank Parikh, co-founder, Byte Prophecy, added:
“Our experience working with Accenture has helped us better understand customer pain points and fine-tune our solution to respond with greater agility to clients’ needs. The opportunity to become part of Accenture Applied Intelligence will enable us to jointly build stronger assets and expand our services to more clients in the emerging markets. We are excited about our journey ahead and are looking forward to exploring the wide opportunities this union will bring to our people and clients.”
Accenture’s Acquisition Strategy
The list of companies acquired by Accenture has grown rapidly.
Accenture's acquisition budget for fiscal year 2020 is roughly $1.6 billion. As of mid-March, Accenture’s CFO KC McClure indicated that the global IT services provider and consulting firm had spent $584 million on 17 acquisitions in this fiscal year. It remains unclear whether the M&A budget has changed amid the coronavirus pandemic.
Over the past year, the company has made Applied Intelligence acquisitions in Australia, Spain, North America, and the U.K.
Here’s a detailed list of Accenture acquisitions spanning dozens of deals.