Accenture acquires India’s Byte Prophecy for its AI powered business insights and data analytics solution

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IT major Accenture has announced the acquisition of Byte Prophecy, a little known AI startup based out of India’s industrial town of Ahmedabad. Byte Prophecy has developed a highly sophisticated enterprise solution that provides AI powered insights and data analytics to businesses, focused on KPI metrics.

The acquisition will see the entire team of over 50 data science engineers and experts from Byte Prophecy, join Accenture’s Applied Intelligence unit. “The move will deepen existing consulting and technology capabilities that help clients in areas such as data foundations and advanced analytics.”, said Accenture in a statement sent to The Tech Portal. Financial details around the deal were not disclosed.

Byte Prophecy’s association with Accenture isn’t new though. The company has been a part of Accenture Ventures program since 2018 and according to Accenture, has “worked closely” on open innovation efforts, collaborating and co-innovating with Accenture and its clients in Asia Pacific on advanced data and analytics projects.

“Our team has already been working with Byte Prophecy over the past two years, and together we’ve helped clients build the strong data foundations that are the cornerstone for successful AI adoption,” said Athina Kanioura, Accenture’s chief analytics officer and global lead for Applied Intelligence.

Byte Prophecy’s flagship solution for businesses is called ‘Monitor First’. The product is a comprehensive suite of various other applications, primarily focused around helping enterprises manage KPIs of multiple magnitudes and diversity, across a single platform.

The product has “Data Bridges and Data Land”, that validate the data quality, consistency and completeness of data, definitions and business rules across multiple systems. Then there is the KPI Store, that as a growing library of more than 1000+ KPIs mapped across multiple industries and auto calculated for various dimensions.

Both combined, form the MonitoFirst product to help enterprises manage KPIs with an easy-to use interface. Byte Prophecy says that its product does not require a data scientist at the business’ end, and any normal user can infer insights in single clicks.

“The opportunity to become part of Accenture Applied Intelligence will enable us to jointly build stronger assets and expand our services to more clients in the emerging markets”, said Mrugank Parikh, co founder of Byte Prophecy.

The acquisition will be crucial for Accenture as IT consulting companies globally, look to diversify offerings to more digital and automated solutions, than the traditional manpower intensive back-end tasks. Similar acquisitions have been done by Accenture’s competitors of late, include the likes of Infosys and TCS.