KPMG acquires startup Recommender Labs

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.