Accenture (ACN) inked a deal to acquire artificial intelligence (AI) and analytics firm BRIDGEi2i. The financial terms of the deal have been kept under wraps.
Markedly, shares of the global professional services company have gained 42% over the past year. (See Accenture stock charts on TipRanks)
Based in Bangalore, India, with offices in the U.S. and Australia, BRIDGEi2i is a trusted partner of enterprises across industries and global markets for enabling AI-powered digital transformation. It specializes in data-driven digital transformation using a combination of data engineering, advanced analytics, proprietary AI accelerators, and consulting services.
The addition of BRIDGEi2i will enhance Accenture’s growing analytics, data science, machine learning, and AI capabilities globally. Furthermore, it will bring 800 highly skilled professionals to Accenture’s Applied Intelligence team.
Sanjeev Vohra, Global lead at Accenture Applied Intelligence, commented, “The COVID-19 pandemic has made technologies such as AI core to business success, with scaled investments enabling enterprises to thrive by refocusing on growth during the most disruptive time in their history.”
He further added, “In this rapidly evolving space, constantly building new capabilities is key, and we believe that BRIDGEi2i will further enhance our AI skills and data science capabilities to strengthen how our global network delivers value for clients.”
Robert W. Baird analyst David Koning recently reiterated a Hold rating on Accenture and the price target of $354 (8.4% upside potential).
Consensus among analysts is a Strong Buy based on 12 Buys and 2 Holds. The average Accenture price target of $380.15 implies upside potential of 16.4% from current levels.
Accenture scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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