Accenture plc (ACN - Free Report) yesterday announced the acquisition of Ahmedabad, India-based Byte Prophecy for an undisclosed amount. Founded in 2011, Byte Prophecy is an automated insights and big data analytics firm that serves some of the largest companies in India.
Byte Prophecy has worked on open innovation initiatives with Accenture Venture since 2018. It has worked in collaboration with the company and its clients on advanced data and analytics projects in the Asia Pacific.
What’s in Accenture’s Platter?
Around 50 data-science and data-engineering experts from Byte Prophecy will be absorbed into Accenture Applied Intelligence, with a view to further bolster Accenture’s data foundations and advanced analytics capabilities.
The acquisition strengthens Accenture’s foothold in India and places the company in a position to cater to the increasing demand for enterprise-scale AI and digital analytics solutions across the country.
Notably, shares of Accenture have gained 8% over the past year compared with the 0.5% rally of the industry it belongs to and 0.8% growth of the S&P 500 Composite index.
"Beyond advanced technology capabilities, Accenture brings our clients a co-innovation mindset, and in Byte Prophecy we found a partner with the right mix of technology and consulting skills, and a client-centric innovation culture," said Piyush N. Singh, Accenture’s market unit lead for India and sales lead for Growth Markets.
Zacks Rank and Stocks to Consider
Accenture currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks to consider in the broader Zacks Business Services sector include CoreLogic (CLGX - Free Report) , SailPoint Technologies (SAIL - Free Report) and DocuSign (DOCU - Free Report) , each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The long-term expected earnings per share (three to five years) growth rate for CoreLogic, SailPoint and DocuSign is 12%, 15%, and 46.8%, respectively.
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