Established in 2016, Recommender Labs utilises AI capabilities to support users during decision-making processes by generating recommendations.
Consultancy and audit firm KPMG on June 7 said it has acquired artificial intelligence-led decision-science services company Recommender Labs. The size of the deal was not disclosed by the company.
"KPMG has acquired Mumbai-based Recommender Labs' trademark brand, software products and other IP rights. Their managing director and four employees will join KPMG India," KPMG said in a statement.
The acquisition will help KPMG develop technology products for clients as it has plans to build its own centre of excellence specialising in decision-science and artificial intelligence-driven solutions, it said.
Artificial Intelligence (AI) in India is expected to grow at a CAGR (compound annual growth rate) of 45 percent between 2019 and 2025.Established in 2016, Recommender Labs utilises AI capabilities to support users during decision-making processes by generating recommendations.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.