Accenture has formed a partnership with Partech Ventures, a Paris-based venture capitalist firm with a presence in San Francisco, that will see the global services giant invest in two funds. As part of the arrangement, it will join Partech’s advisory committee and gain early access to startups while receiving the chance to co-invest in early-stage companies.
The innovation that Accenture is hoping to drive will focus on finding new solutions to large business problems. “This collaboration embodies Partech Ventures’ transatlantic DNA and will enable our B2B portfolio companies around the world to access more prospects,” said Philippe Collombel, co-managing partner of Partech Ventures. “Our relationship will be extremely powerful for each party when win/win opportunities between Accenture, a startup, and an enterprise client to innovate together arise.”
Accenture, which counts its Accenture Ventures arm as essential to forging this partnership, is encouraged by the opportunity to further expand the firm’s presence in the European and U.S. startup ecosystem. It is making a minority equity investment in Partech Entrepreneur II Fund (which focuses on seed funding) and in Partech International Ventures VII (which invests in early-stage startups).
“Innovation provides the opportunity to invent the future, and it’s firmly at the core of our business model and our work in the market,” said Paul Daugherty, chief technology officer at Accenture.
He added that, “we help our enterprise clients navigate the startup community to find those that address real business challenges or create real value” and this new deal will “contribute to a robust, high-quality portfolio.”
The move comes not long after Accenture acquired Allen International, a London-based consultant that specializes in bank transformations. The company stated that its goal in buying Allen was to leverage the firm’s track record of helping physical branches expand their digital capabilities, reduce costs, and improve customer service.
“Our acquisition of Allen International will expand and complement our capabilities to help banks make the branch a physical manifestation of the digital experience,” said Sushil Saluja, Accenture’s senior managing director of financial services in Europe, Latin America, and Africa. “Equally crucial, it will allow us to help banks reduce their distribution costs, typically by 30%, while still maintaining customer engagement.”