With this acquisition, KPMG will be able to reinforce its efforts to develop advanced technology products to resolve certain needs of the client
Consultancy and audit firm KPMG India announced that it has acquired Recommender Labs, a Mumbai-based artificial intelligence (AI)-led decision-science services company. However, the company has not revealed the size of the deal.
As part of the deal, KPMG has acquired the software products, trademark brand and other IP rights of Recommender Labs. The managing director and four other employees of Recommender Labs will join KPMG India.
The consultancy firm is aimed at combining its own capabilities with the Recommender Labs in order to create unique assets, enabling quick go-to-market and create the capability to respond with sharp AI-led solutions.
With this acquisition, KPMG will be able to reinforce its efforts to develop advanced technology products to resolve certain needs of the client. The organisation is also poised to establish its own center of excellence (CoE), which will be specialised in decision-science and AI-driven solutions.
Help unlock value of AI
Commenting on the development, Akhilesh Tuteja, Partner and Head, Risk Consulting, KPMG in India, said, “AI is actively reinventing and shifting business performances of companies, with better insights and more accurate results. At KPMG, our AI capabilities are deep rooted in the best-of-breed technology, domain knowledge and trusted data and analytics to help our clients lower labour costs, better workforce capacity, increase quality and ultimately deliver more insights, more consistently.”
“Recommender Labs is known for its AI-led decision science services for clients across a range of industries and client requirements and have proven case studies across domains such as Customer Experience Technology, eCommerce, FinTech and EdTech,” Tuteja said.
“The acqui-hire will help us unlock the value of AI for our spectrum of clients and their varied business needs that we address on a daily basis. We also aim to build KPMG’s CoE in AI-led decision making to develop solutions for our customers,” he added.
Founded in 2016, Recommender Labs leverages its AI capabilities to provide support to the users during decision-making processes by creating meaningful recommendations. It provides custom implementation of machine learning (ML) applications. The company’s products are ready frameworks that are tailored for each client.