Booz Allen Hamilton (BAH) has completed transaction to spin out its commercial artificial intelligence (AI) platform Modzy

December 9, 2021 6:47 AM EST

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Booz Allen Hamilton (NYSE: BAH) announced today it has completed a transaction to spin out its commercial artificial intelligence (AI) platform Modzy® into a new company, Modzy, Inc.

Modzy, which includes a deep tech software platform and team of AI experts, accelerates the deployment of production-ready AI, provides tools for data scientists and developers to easily integrate AI into enterprise and edge systems at scale, and offers a centralized location for stakeholders to monitor all AI performance; these features help organizations overcome today’s toughest challenges with scaling and monitoring AI-powered systems. Modzy will continue to build upon its existing customer base across commercial and federal markets, expand its partner ecosystem, and grow its developer community.

The spinout follows a similar recent transaction with the cyber threat hunting and detection platform SnapAttack. Booz Allen will maintain a minority ownership stake in Modzy, Inc. Financial terms were not disclosed.

“Our innovation strategy includes a commitment to identifying, evaluating, incubating, and scaling cutting-edge solutions and empowering our innovators to build and scale products that help clients achieve new outcomes faster. By spinning out Modzy, we continue to take a focused approach to accelerating innovation at the intersection of mission and technology,” said Susan Penfield, Chief Innovation Officer at Booz Allen.

“Modzy solves the hardest problem with using AI at scale, which is that businesses struggle to deploy and integrate AI into production. Too many models—more than 50%—are developed but never used,” said Dr. Josh Sullivan, Modzy Chief Executive Officer & Co-founder. “Modzy will continue to scale rapidly, building on our existing customer base across commercial markets through expansion of our partner ecosystem and developer community to accelerate AI value creation.”

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments, Mergers and Acquisitions