KPMG has stolen the thunder and a bit of press attention from its big four rivals with the launch of its first investment fund as it ventures out into new areas, which some industry pundits have viewed as a glimpse in the general direction, financial services will evolve. Data analytics have definitely been a major priority for companies, as they try to cope and learn from the huge amounts of data that are now available to them. Many of these companies will employ data analysts and scientists as well. A recent KPMG survey showed that many of the world’s leading companies identified data and analytics is being strategically important to their growth.
The fund will invest primarily in analytics and data, segments which are very popular with investors. KPMG capital will seek partnerships with tech founders and startups. The fund, headquartered in London but investing globally – aims to identify, innovate and accelerate the rapid delivery of data and analytics offerings to clients in areas such as risk management and cost optimization as well as enabling them to tap into new revenue streams.
It will also operate as a separate entity within its parent’s global network. This means it will not provide professional services that KPMG is well-known for. Demonstrating its interest in the UK tech sector KPMG at the start of 2013 opened its tech start-up hub in Shoreditch in an effort to appeal to the growing tech sector. A City AM article covering the announcement cited:
All of the so-called Big Four accountancy companies KPMG, PwC, EY and Deloitte – are diversifying away from their traditional bean-counting businesses into areas such as M&A advice, cyber-security and management consulting in pursuit of revenue growth
Simon Collins, UK Chairman of KPMG, commented on the critical importance of technology and the economy: “Technology is the beacon for UK economic recovery – job creation outpacing average private sector growth fourfold. We were quick to support Tech City with a permanent base, and we’re going to stay ahead in delivering the extraordinary potential of data and analytics to our clients. Technology isn’t following the old rules – innovation is happening in universities, in small informal businesses and through curious individuals. For a major company to harness this we have to be more agile – co-investing, sponsoring and partnering at early stages and encouraging technology entrepreneurs to be bold. KPMG Capital gives us the dedicated funding and flexibility to do this.
Combine this with our global reach and knowledge and we will become the go to business partner in technology.”KPMG Capital would be led by Mark Toon, EquaTerra’s founder and former CEO. Mark commented, “KPMG Capital will enable us to develop or acquire opportunities in data and analytics quickly. Through partnerships with technology and service providers, strategic partners and other third parties, we aim to accelerate innovation in data and analytics to bring potential solutions to clients – and to the market – faster.”
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Hayden Richards is Contributor of IntelligentHQ. He specialises in finance, trading, investment, and technology, with expertise in both buy-side, sell-side. Contributing and advising various global corporations, Hayden is a thought leader, researching on global regulatory subjects, digital, social media strategies and new trends for Businesses, Capital Markets and Financial Services.
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