Accenture (NYSE: ACN) has announced the acquisition of Parsionate, a renowned data consultancy firm. This acquisition is set to fortify Accenture’s capabilities in the retail, industrial, consumer goods, and life sciences sectors across Europe.

The integration of Parsionate’s expertise in data strategy and technology implementation aligns with the increasing investment in data and AI by C-level executives, with a projected 75% planning to boost their budgets in 2024.

Christina Raab, Accenture’s market unit lead for Germany, Austria, and Switzerland, emphasized the critical role of data readiness in leveraging AI advancements, stating that Parsionate’s comprehensive data proficiency will significantly contribute to delivering bespoke, efficient data-driven solutions.

Parsionate, headquartered in Stuttgart and with a presence in several European countries, is celebrated for its adeptness in bridging data architectures with business contexts. The company’s 130-strong team will be integrated into Accenture Technology’s Data & AI group, with founders Thomas Sperrfechter and Michael Fieg spearheading the data architecture and management portfolio in the DACH region.

This acquisition is part of a series of Accenture’s investments to reinforce its data and AI offerings, following the recent acquisitions of GemSeek, Ammagamma, and Redkite. It also contributes to Accenture’s substantial $3 billion commitment to expedite client transformations via AI. While the financial terms remain undisclosed, the acquisition’s finalization is pending standard closing conditions.

“Parsionate brings exceptional proficiency in data and analytics, combined with strong international data product capabilities and deep industry expertise,” said Kathrin Schwan, who leads Accenture’s Data & AI business in Germany, Austria and Switzerland.

“The data and AI market is experiencing significant growth and coupled with Parsionate’s team of senior experts, we can offer an even more comprehensive range of services to help our clients win in this dynamic environment.”

Thomas Sperrfechter and Michael Fieg, founders and managing directors at Parsionate, said, “We are excited to join Accenture and become part of its global network”.

“Our clients value us for giving them a competitive edge by enhancing their data readiness and enabling data as an asset. By joining forces with Accenture, we will generate synergies along the data and analytics value chain and will be able to offer even more comprehensive and innovative data-driven solutions, while providing new growth opportunities to our team.”