Investing
KPMG to invest $2 billion in AI, cloud services
© Reuters. FILE PHOTO: The KPMG logo is seen at the company’s head offices in Parktown, Johannesburg, South Africa, September 15, 2017. REUTERS/Siphiwe Sibeko/File Photo
(Reuters) -KPMG said on Tuesday it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft (NASDAQ:), closely following Accenture (NYSE:) in betting on the latest technologies to weather a slowdown in advisory deals.
The accounting firm said it will incorporate AI into its core audit, tax and advisory services for clients as part of the five-year partnership.
Professional services firms face a slowdown in business as their customers downsize or hold off on consulting and transformation projects to save costs in a challenging macro economic environment.
The expanded partnership will help support KPMG’s clients and 2,500 customers serviced jointly by KPMG and Microsoft.
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