On Tuesday, Accenture (NYSE:ACN) announced it has acquired Halfspace, a Denmark-based AI company that helps organizations leverage and scale AI to make better, more informed decisions faster. The financial terms of the deal remain undisclosed.
The acquisition enhances Accenture’s AI capabilities and talent in Nordic and European regions.
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With the addition of Halfspace, Accenture will extend the Center for Advanced AI into the Nordics, focused on helping clients capture and create value from AI.
Founded in 2015, Halfspace develops AI and generative AI solutions and products that drive value creation by streamlining complex business workflows and uses advanced analytics and data science to transform data into actionable insights.
Halfspace adds nearly 80 highly qualified AI practitioners to Accenture’s Nordic AI practice. The company also has strong ecosystem relationships with leading AI platform companies, including Databricks, Microsoft Corp (NASDAQ:MSFT), and Nvidia Corp (NASDAQ:NVDA).
Accenture also snapped up Altus Consulting to further enhance its strategic advisory and delivery services for insurance, investments, and other financial services businesses across the UK. The financial terms of this deal remain undisclosed.
Founded in 2005, Altus Consulting has developed advisory services with deep knowledge of the operating models, data, and platforms that power financial services organizations.
Altus Consulting’s highly skilled team will join Accenture’s Insurance practice in the UK, bringing expertise in areas including distribution, risk and regulation, operating models, data, and technology.
Accenture’s total cash balance on November 30, 2024, was $8.3 billion.
Accenture stock has been down over 10% in the last 12 months. At least two Wall Street firms, Jefferies and Stifel, cut their price targets on the stock in 2025.
Accenture reported first-quarter fiscal 2025 sales of $17.69 billion compared with the analyst consensus estimate of $17.12 billion, up 9%.
The adjusted EPS of $3.59 topped the analyst consensus estimate of $3.39. Accenture expects second-quarter revenues of $16.2 billion–$16.8 billion (versus consensus of $16.63 billion).
Price Action: ACN stock traded lower by 1.16% to $341.01 premarket at the last check on Tuesday.
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This article Accenture M&A: Acquires AI Firm Halfspace, Altus Consulting In UK To Expand Advanced AI Solutions in Europe originally appeared on Benzinga.com
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