Accenture takes stake in Quantexa
Written by Hannah McGrath
Accenture is investing in data analytics software firm Quantexa as part of plans to accelerate the development of its artificial intelligence (AI) and financial crime fighting capabilities.
Accenture Ventures, the financial consultancy's investment arm, announced today it had made a minority investment but did not disclose the value of the deal.
It will enable Accenture to combine its Applied Intelligence technology with Quantexa’s network analytics platform to help banking clients better identify fraud and financial crime.
The collaboration aims to develop multiple AI-enabled solutions addressing business challenges in areas including anti-money laundering, credit risk and customer insight.
Adam Markson, managing director at Accenture Finance & Risk Services, stated: “By investing in Quantexa and combining our expertise, we are equipping our clients with new technologies and approaches to solving the most pressing data issues.
“Furthermore, the strategic alliance further enhances our Financial Crime Analytics Utility, which will help prevent the movement of illicit funds that enable real world issues, including human trafficking and drug crime.”
Vishal Marria, chief executive of Quantexa, added: “Creating context is critical in investigations to help clients connect the dots in their data, allowing them to see the complete picture and make better decisions.”
Quantexa is the latest addition to the investment portfolio of Accenture Ventures, which focuses on teaming with and investing in companies that create or apply innovative enterprise technologies.