McKinsey & Company announced that it has acquired Iguazio, a Tel Aviv-based artificial intelligence and machine learning company.
McKinsey will be able to dramatically accelerate and scale AI deployments with the addition of technology from Iguazio and a team of more than 70 data and AI experts.
Harnessing the power of artificial intelligence (AI) is essential to thriving in today’s competitive marketplace. According to McKinsey research, more than $490 billion has been invested in AI by organizations around the world between 2012 and 2021. But for the most part, the true value of these investments has yet to be realized, with only one in ten projects carried out outside the laboratory.
QuantumBlack, AI by McKinsey works with its customers to address these challenges head-on and integrate AI into real-time decision making.
The last piece we worked on is a technology solution that will accelerate the deployment of AI, integrating it in real time and in any environment.
“After analyzing more than 1000 AI companies worldwide, Iguazio was identified as the best solution to help us significantly accelerate our AI offering – from initial concept to production, in a simplified, scalable and automated way” , said Ben Ellencweig, senior partner at McKinsey and global alliances and acquisitions leader at QuantumBlack.
“By joining forces with Iguazio, we can now deepen the unparalleled, disruptive, end-to-end AI capabilities we offer our customers,” he added.
Working with Iguazio, QuantumBlack will now be able to provide customers with industry-specific AI solutions that are five times more productive, eight times faster from proof of concept to production, and twice as reliable.
“McKinsey’s experience and QuantumBlack’s technology stack and expertise, now combined with Iguazio, is the ultimate solution for companies looking to scale AI initiatives in a way that directly impacts their businesses. results,” said Asaf Somekh, co-founder and CEO of Iguazio. “We are thrilled to join the McKinsey family and embark on this new chapter for Iguazio.”
“We are committed to unleashing the full potential of AI to help our clients drive sustainable and inclusive growth. Today, when 90% of AI projects remain in the lab, there is a great opportunity,” said Alexander Sukharevsky, Senior Partner and Global Co-Leader of QuantumBlack.
“By combining Iguazio and QuantumBlack, we have now deepened the end-to-end offering that will allow us to integrate AI into every important step for real-time decision making,” he added.
Alex Singla, Senior Partner and Global Co-Leader of QuantumBlackadded, “By combining our people, technology, data assets and domain expertise, we are able to dramatically accelerate, scale and produce AI implementations, staying on the cutting edge of technology while maintaining reliability and scalability.
This is McKinsey’s first acquisition in Israel. As part of our commitment to serve our customers worldwide, Iguazio will serve as the home base for a new QuantumBlack site, which McKinsey plans to develop and expand in the coming years.