NEWS8 November 2018

Accenture partners with data analytics firm Quantexa

Data analytics Finance M&A News

UK – Accenture’s venture capital arm Accenture Ventures has made a minority investment in data analytics firm Quantexa to aid the detection of financial crime.

Fraud online financial crime_crop

Quantexa’s technology uses entity resolution with network analytics and AI to bring together disparate data sets. Headquartered in London, the company has worked with clients to detect money laundering activity by analysing internal, publicly available and transactional data within customers’ wider networks.

As part of the partnership, Accenture is planning to combine its technology with Quantexa’s network analytics to address financial crime and credit risk.

The investment will boost the development of Quantexa’s technology by tying it in with Accenture’s Applied Intelligence, while Accenture’s financial crime analytics utility, a data analytics-as-a-service platform, will also be used to train and refine Quantexa’s models to adapt to new threats.

Adam Markson, managing director of finance and risk services at Accenture, said: "By investing in Quantexa and combining our expertise, we are equipping our clients with new technologies and approaches to solving the most pressing data issues.

"Furthermore, the strategic alliance enhances our financial crime analytics utility, which will help prevent the movement of illicit funds that enable real world issues, including human trafficking and drug crime."

The financial terms of the investment were not disclosed.