McKinsey & Co Buys Data Science Firm Iguazio

In New York, global management consultancy McKinsey & Company has acquired Tel Aviv-based data science business Iguazio for an undisclosed sum. This is McKinsey's first takeover in Israel.

Iguazio has developed its MLOps Platform through which data scientists can develop, deploy and manage AI applications at scale. Its product suite collects data and prepares it on- or off-line to deliver automated AI model training, while presenting it using third-party analytics and data science frameworks. In 2020, the company raised $24m in a round of funding, to drive growth and expand its reach to new global markets.

Through the deal, McKinsey says it will be able to accelerate and scale AI deployments with the addition of Iguazio's technology and team of more than 70 data and AI specialists. McKinsey is already working with clients to embed AI into real time decision making, through its advanced analytics business, QuantumBlack.

Ben Ellencweig (pictured), McKinsey Senior Partner and QuantumBlack Global Leader of Alliances and Acquisitions, comments: 'After analysing more than 1000 AI companies worldwide, Iguazio was identified as the best fit to help us significantly accelerate our AI offering - from the initial concept to production, in a simplified, scalable and automated manner. By joining forces with Iguazio, we can now deepen the unparalleled, disruptive, end-to-end AI capabilities we offer to our clients.'

Web sites: www.mckinsey.com and www.iguazio.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.