Recommender Labs, an aritficial intelligence-led decision-science services company has been acquired by a consultancy and audit firm KPMG, reported ET. The acquisition will help KPMG develop technology products for clients as it has plans to build its own centre of excellence specialising in decision-science and artificial intelligence-driven solutions.
“Recommender Labs is known for its AI-led decision science services for clients across a range of industries and client requirements, and has proven case studies across domains such as customer experience technology, ecommerce, fintech, and edtech. The acqui-hire will help us unlock the value of AI for our spectrum of clients and their varied business needs that we address on a daily basis. We also aim to build KPMG’s Centre of Excellence in AI-led decision making to develop solutions for our customers,” Akilesh Tuteja, partner and head, risk consulting, KPMG in India, said.
Recommender Labs, headquartered in Mumbai, founded in 2016, uses AI capabilities to support users during decision-making processes by generating recommendations.
The company also offers custom implementation of machine learning (ML) applications and ready frameworks that are customised for each of their clients.
While, based out of Netherlands, KPMG was founded in late 90s by William Barclay and Peat James Marwick. It is a network of professional service firms and one of the Big Four auditors, along with Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers.
Furthermore, Artificial Intelligence (AI) in India is expected to grow at a CAGR (compound annual growth rate) of 45 percent between 2019 and 2025.