EY (Ernst & Young Global Limited), one of the largest professional service networks in the world, has acquired an artificial intelligence start-up started by four alumni of the Indian Institute of Technology, Kharagpur; however, they have not disclosed the financial aspects involved in this acquisition.
The Big Four companies (Ernst & Young (EY), PricewaterhouseCoopers (PwC), Deloitte Touche Tohmatsu Limited (Deloitte), and Klynveld Peat Marwick Goerdeler (KPMG) are now in a race for integrating more of artificial intelligence and machine learning from consulting to auditing as their product offer. They are attempting to expand their trajectory by getting into consulting and advisory work which is currently dominated by firms like McKinsey, Boston Consulting Group (BCG), Bain Consulting, and Kearney.
This acquisition of ‘Spotmentor Technologies’ as pointed out by Rohan Sachdev (partner and consulting leader of EY India), will boost their digital offerings by combining their strength in strategic people consulting and seasoned experience in learning and skills development, furthermore it will help EY India to contain their cost amidst of COVID-19 pandemic and pressure on their top line.
IIT (Indian Institute of Technology) alumni Deepak Singh, Arpit Goyal, Shekhar Suman, and Yash Mittal are the brains behind ‘Spotmentor Technologies’, they have been helping large enterprises, government and industry bodies in identifying required skills and competency gaps by implementing various learning and re-skilling plans through their company. The newly acquired ‘EY Spotmentor’ is a software-as-a service-based skill, learning, and career platform that can be installed across the value chain of an organization.
It has been a year since EY is working with Spotmentor Technology Team. This association has helped them by equipping their clients with the right skill sets. Anurag Malik, Partner People Advisory Service EY India, further added that this new acquisition will strengthen their People Advisory Portfolio of digital services and harness their client’s people’s agenda as a part of integrated business strategy.
It was after 2015 that most of the firms in India realized that even when people are being added it is hard to increase revenues in a high percentage and that justifies their investment in the digital side of the business. Industry experts believe that many companies are looking for more and more start-ups that can accelerate their growth objectives.