KPMG boosts AI capabilities through acquisition of Recommender Labs

Global professional services firm KPMG is looking to boost its artificial intelligence (AI) capabilities, to which end it has acquired Mumbai-based Recommender Labs. The primary motivation to acquire Recommender Labs is the talent that the firm possesses in the digital sphere.   

Developing capabilities in the AI domain – alongside other Industry 4.0 fields – is becoming increasingly crucial for any given business in India. As AI advances, a new breed of jobs is likely to emerge that requires knowledge and familiarity with technology in order to optimise its potential.

Most businesses are looking to advisory firms for help to devise the best possible strategy to develop AI capabilities, which places a significant burden on the advisory space. Most major consulting firms are looking to develop their capacity in the AI space to help match this demand.

KPMG has become the latest Big Four firm to take a significant step in this direction, through the aqui-hiring of Recommender Labs. The accounting and advisory firm is looking to build a Centre of Excellence in the AI domain, wherein it will generate innovative solutions and improve on their delivery and response quality.

Recommender Labs is an AI focused organisation that enables AI and data analytics based decision making. The firm specialises in machine learning, and develops individually tailored algorithms and real-time analytical capabilities for its clients. The firm’s Founder & CEO Sanjaya Sharma will now take up the position of Senior Advisor at KPMG. 

Partner and Head of Risk Consulting and KPMG India Akhilesh Tuteja said of the acquisition, “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.”

Sharma added, “KPMG’s acquisition of RLPL (Recommender Labs Private Limited) is aptly timed as AI has started advancing positive push from the government to utilise technological advancements to reduce financial losses and increase output efficiency. The existing and in-pipeline AI-based products and services will enable KPMG to take its technology offerings to the next level.”