Acuity Knowledge Partners has agreed to acquire a Bristol- and Munich-based provider of AI-powered digital transformation services in a deal set to complete at the end of the month.
Ascent, which was founded two decades ago and now works with over 170 businesses across Europe and North America, will now look to build a global technology services business unit.
It currently has over 550 specialists in data, software and cloud.
The acquisition strengthens Acuity鈥檚 Data and Technology Services division, expanding its AI and technology-led solutions while opening up new markets in reinsurance, pharma, manufacturing and retail.聽
The London FinTech aims to deliver research, data, analytics and AI-driven services to the financial sector.
鈥淥ur acquisition of Ascent is a transformative moment,鈥� said Robert King, CEO of Acuity.聽
鈥淎cuity has invested in and built a fast-growing practice delivering data management and technology led services and solutions. By acquiring Ascent, we are taking our expertise and ability to offer our clients innovative AI-led solutions to another level.聽
鈥淲e are turbo-charging the way we can assist Acuity and Ascent clients with their digital transformations and AI adoption. This acquisition also takes us into new sectors such as reinsurance, pharma, manufacturing and retail for the first time.聽
鈥淭he acquisition enables Acuity to deliver from, and into, new markets. I am really excited at the prospect of what we can achieve together, and we warmly welcome the Ascent staff to the Acuity family.”
Stewart Smythe, CEO of Ascent, added: 鈥淐ombining Ascent鈥檚 market-leading data and AI capability in Europe with Acuity鈥檚 industry-leading AI innovation and deep domain expertise is exciting.聽
鈥淎cuity鈥檚 strategic aim to build a global technology services business unit to complement its capabilities and build broader relationships with its existing clients is exactly the opportunity my team were looking for, and we are excited to work with Robert King, Jon O鈥橠onnell and the entire Acuity team.鈥�
Acuity was advised on the transaction by DC Advisory, while Canaccord Genuity advised Ascent.
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