Consultancy giant KPMG has made the first acquisition in its quest to invest in start-up data, analytics and technology businesses by buying a stake in Chelsea Apps Factory, one of the UK’s leading tech firms specialising in the design and production of apps.
The deal sees KPMG taking an initial equity stake in the business of 10% which may grow depending on the amount of business both parties will do together.
Dubbed KPMG’s Digital Innovation Network, the concept aims to bring together KPMG’s industry knowledge and experience with creativity and design skills. The company has set aside a $100m fund to identify, innovate and accelerate the rapid delivery of data and analytics offerings to clients.
KPMG head of digital and analytics Alwin Magimay commented: “We created the Digital Innovation Network to build an eco-system of ideas and innovation in a new way that benefits our clients. By working closely with early stage tech companies, such as the Chelsea Apps Factory, we can give our clients access to the hottest areas of mobile, cloud, cyber, social and analytics.”
Mike Anderson, chief executive of Chelsea Apps, said: “I built this business from scratch three years ago because I am passionate about helping enterprises get mobilised. Today, we have one of the most creative and skilled teams both in the UK and have built over 100 mobile apps. Our partnership with KPMG is the next step in our evolution. Being a part of the Digital Innovation Network means that we can combine our creative talent with KPMG’s industry and technology integration expertise to offer our clients an unparalleled capability to mobilise business through a process of discovery and delivery.”
KPMG looks to buy data companies