Just last month, Accenture (NYSE:ACN) invested in Paxata, a company that allows businesses to transform raw data into ready-to-use information. Accenture, a leading global services company which proves a broad range of services in strategy, consulting, digital, technology, and operations for its clients has decided to include Paxata's adaptive information platform and self-service data preparation software in its AIP (Accenture Insights Platform). AIP is a cloud-based analytics service solution system which is designed to solve business problems and support a data-driven model. This is meant to help both Accenture's and Paxata's clients. Both companies have accelerated access to contextual information and allow business analysts, as opposed to technical staff, to gather and prepare data more rapidly so that they can construct information that businesses can readily use. Essentially, Paxata is the bridge that connects the business problems with the technology solutions by gathering data from any source or cloud and creating trusted information.
Based in Redwood City, California, and founded in 2012, Paxata focuses on democratizing data by transforming raw data into usable information and distributing it directly to business consumers. This strategic alliance will hopefully allow clients to provide enterprises and users with exceptional data control across numerous sources. This will also speed up time-to-business insight and free up IT resources that will now be able to focus on strategic data architecture versus data preparation.
According to Narendra Mulani, chief analytics officer, Accenture Analytics, "Paxata's Adaptive Information Platform empowers users to unlock trapped data and use it to develop robust insights, which can lead to more intelligent decision-making and better business outcomes. Through Accenture's investment and strategic alliance with Paxata, we are well positioned to help our clients' transformation to becoming data-native organizations." Additionally, Paxata will also support Accenture clients' emerging enterprise requirements such as digital transformation, modern data supply chain, and General Data Protection Regulation to create a multi-cloud environment.
The investment was undertaken through Accenture Ventures, which partners with and invests in promising innovations, working with start-ups, entrepreneurs, investors, and R&D groups all over the world to accelerate the adoption of early stage technology innovations. Although the terms of trade are yet to be disclosed, this partnership with provide great benefit to both Accenture and Paxata.