Continuing its 2021 buying spree, global technology services and consulting firm Accenture has announced the acquisition of cloud analytics firm Core Compete.
The company said that Core Compete’s 260-strong team will join its applied intelligence department and strengthen how it helps clients shape and execute their cloud-based data and artificial intelligence (AI) strategies to drive business value.
Core Compete, founded in 2012, has built its reputation by driving digital transformations with cloud-native solutions that deliver AI and machine learning-infused business outcomes.
The firm handles a diverse client base across the US and the UK, with a particular focus on supply chain, retail and financial services. Its headquarters are located in Durham, North Carolina, with additional offices in the UK and India.
While the terms and financial details of the transaction were not disclosed, the move fits Accenture’s shopping strategy for 2021. The company has aggressively acquired firms -- 14 since January 2021 and 63 since 2019 -- to scale its cloud and AI capabilities, while also expanding the business in key geographies such as the US, the UK, Brazil, Germany, France, Australia, and India.
“Over the past year, we’ve seen cloud adoption increase, enabling organizations to unlock the enterprise value from data and AI strategy at speed,” Sanjeev Vohra, global lead for Accenture applied intelligence, said, following the Core Compete’s acquisition.
“Core Compete’s approach to cloud analytics transformation helps us further accelerate time to value for our clients, giving them the right tools, strategy and talent to reap the full benefits of being data-driven,” he said.
Since 2019, the acquisitions have added more than 45,000 people to Accenture’s workforce. Globally, the company currently employs about 5.37 lakh people.
Commenting on the deal, Shiva Kommareddi, managing partner at Core Compete, said, “Accenture’s investment in cloud and focus on AI as an exponential source of value is exactly what we need to help broaden our impact across new markets and industries and deepen our impact with clients.”
As per an internal research by the technology giant, two-thirds of CXOs are planning to increase spending on AI and over 60% will invest more in cloud-based technologies.