IT services giant Accenture acquired automated insights and big data analytics company Byte Prophecy to meet the growing demand for enterprise-scale artificial intelligence (AI) and digital analytics solutions.
The acquisition will add nearly 50 data science and data engineering experts, with a particular focus on insight automation, to Accenture Applied Intelligence division. The move will deepen the Dublin-headquartered firm's existing consulting and technology capabilities that help clients in areas such as data foundations and advanced analytics. The financial terms of the deal were not disclosed.
Byte Prophecy was founded in 2011 by Mrugank Parikh, Adityavijay Rathore, Darshit Shah and Manish Patil. It has worked closely with Accenture Ventures since 2018 on open innovation efforts, collaborating and co-innovating with Accenture and its clients in the Asia Pacific on advanced data and analytics projects. Earlier this year, the firm was part of Microsoft's Highway to Hundred Unicorns, an initiative where the company selected 54 startups from tier 2 cities to strengthen their ecosystem.
The company's flagship application MonitorFirst is used by consulting firms to improve key performance indicators (KPIs) such as optimize production scheduling, maximize machine utilization and reduce batch waiting times in a factory, according to its website.
"Beyond advanced technology capabilities, Accenture brings our clients a co-innovation mindset, and in Byte Prophecy we found a partner with the right mix of technology and consulting skills, and a client-centric innovation culture," said Piyush N Singh, Accenture's market unit lead for India and sales lead for Growth Markets.
"The opportunity to become part of Accenture Applied Intelligence will enable us to jointly build stronger assets and expand our services to more clients in the emerging markets. We are excited about our journey ahead and are looking forward to exploring the wide opportunities this union will bring to our people and clients," said Mrugank Parikh, co-founder, Byte Prophecy.