The goal of the acquisition is to help the company dramatically accelerate and scale its customers’ AI deployments.
Global management consulting firm McKinsey & Company has announced the acquisition of Israeli data science and MLOps platform provider Iguazio for an undisclosed amount.
The acquisition builds on McKinsey’s investments in artificial intelligence and machine learning technologies, which it operates under the QuantumBlack banner. Through this division, McKinsey provides clients with solutions to artificial intelligence problems, including methods for embedding artificial intelligence/machine learning in decision-making.
See also: What is MLOps and how will it change the data center?
Ben Ellencweig, senior partner at McKinsey, said: “After analyzing more than 1,000 AI companies around the world, Iguazio was identified as the best-suited company to help us dramatically accelerate AI products—from initial concept to production, in a simplified, in a scalable and automated way.” and QuantumBlack’s global alliance and acquisition leader. “By joining forces with Iguazio, we can now deepen our unrivaled, disruptive, end-to-end AI capabilities for our clients.”
Iguazio operates an MLOps platform that enables organizations to transform AI projects into real-world outcomes, while providing tools to accelerate and scale the development of AI services.
It has partnered with companies such as Ecolab, LATAM Airlines, NetApp, Payoneer, and S&P Global on AI solutions that deliver real-world benefits to the companies involved.
Asaf Somekh, Co-Founder and CEO of Iguazio, said: “McKinsey’s experience and QuantumBlack’s technology stack and expertise, now combined with Iguazio, is the ultimate solution for businesses looking to scale their AI initiatives in a way that directly impacts their bottom line “We are delighted to join the McKinsey family as we begin a new chapter for Higuazio.”
Over the past few years, organizations have invested heavily in AI and ML, investing $490 billion between 2012 and 2021, but as McKinsey mentioned in its acquisition announcement, only one in 10 projects walked out of the laboratory.
To improve the likelihood of projects reaching the operational phase, MLOps platforms provide more structure and planning to the process, resulting in faster time to market and less overruns.
McKinsey will continue to operate in Israel through Iguazio’s hub in Tel Aviv, which will be the new QuantumBlack location.
