Accenture Plc ACN has agreed to acquire Ammagamma, an Italy-based firm that helps companies enhance their uses of AI and generative AI technologies. The terms of the transaction have not been disclosed.
The acquisition is a part of Accenture's investment of $3 billion to boost clients' transformation through the large-scale application of AI.
Founded in 2013, Ammagamma has a team of 90 experienced AI professionals, with expertise in engineering, mathematics, economics, historians, philosophers and designers.
Ammagamma will join Accenture's network of AI professionals as part of its Advanced Center for AI in Europe.
"Italian organizations need to strategically invest in cloud, in the use of data and in "AI to boost market competitiveness and to help improve the country's technological capabilities," said president and CEO of Accenture Italy, Mauro Macchi.
"Ammagamma marks a crucial investment in Italian excellence that will allow us to create a specialist hub in Emilia-Romagna able to retain and attract talents that Accenture will involve in the innovation projects of leading Italian and international players."
Accenture held $9.04 billion in cash and equivalents as of August 31, 2023.
Accenture also announced it will collaborate with SAP SE SAP to help organizations reinvent their supply chains with a comprehensive supply chain nerve center that can reduce risk, enhance visibility and support sustainability goals.
Price Action: ACN shares closed lower by 0.48% at $332.43 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
