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’s Data and Technology Services division, expanding its AI and technology-led solutions while opening up new markets in reinsurance, pharma, manufacturing and retail.
The London FinTech aims to deliver research, data, analytics and AI-driven services to the financial sector.
“Our acquisition of Ascent is a transformative moment,” said Robert King, CEO of Acuity.
“Acuity 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.
“We 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.
“The 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: “Combining Ascent’s market-leading data and AI capability in Europe with Acuity’s industry-leading AI innovation and deep domain expertise is exciting.
“Acuity’s 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’Donnell and the entire Acuity team.”
Acuity was advised on the transaction by DC Advisory, while Canaccord Genuity advised Ascent.
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