Accenture Acquires Core Compete, Expands Capabilities and Talent in AI-powered Supply Chain, Cloud and Data Science
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NEW YORK--(BUSINESS WIRE)-- Accenture (NYSE: ACN) has acquired Core Compete, a cloud analytics services firm headquartered in Durham, North Carolina, with additional offices in the UK and India. Core Compete enables digital transformations with cloud-native solutions that deliver artificial intelligence (AI) and machine learning-infused business outcomes, to serve a diverse client base across the US and UK, with particular focus on supply chain, retail and financial services. Terms of the transaction were not disclosed.
Founded in 2012, Core Compete’s team of more than 260 professionals will join Accenture’s Applied Intelligence practice, strengthening how the company helps clients shape and execute their cloud-based data and AI strategies to drive more business value.
Powered by a deeply skilled group of data science, data engineering and cloud engineering consultants, the majority of whom have skills across all major cloud providers, Core Compete is well-positioned to meet a significant need in the market. Accenture research shows that two-thirds of CxOs are planning to increase spending on AI and over 60 percent will invest more in cloud-based technologies.
“Over the past year we’ve seen cloud adoption increase, enabling organizations to unlock the enterprise value from data and AI strategy at speed,” said Sanjeev Vohra, global lead for Accenture Applied Intelligence. “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.”
“We have always seen the power of cloud analytics and are proud of the client transformations we’ve led over the past nine years,” said Shiva Kommareddi, managing partner, Core Compete. “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.”
This acquisition builds on Accenture’s growing analytics, data and AI business around the world, with the acquisitions of Analytics8 in Australia, Pragsis Bidoop in Spain, Mudano in the UK, Byte Prophecy in India, Sentelis in France, and Clarity Insights and End-to-End Analytics in the US.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
Applied Intelligence is Accenture’s approach to scaling AI for clients by embedding AI-powered data, analytics and automation capabilities into business workflows, accelerating time to value with a powerful global alliance, innovation and delivery network that can deploy and scale AI within any market and industry. To learn more, visit www.accenture.com/appliedintelligence.
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Many of the following risks, uncertainties and other factors identified below are, and will be, amplified by the COVID-19 pandemic. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.
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