PwC US says it has agreed to acquire “substantially all the assets” of California-based software consultancy Kunai as it looks to expand its presence in the financial services space.
The proposed acquisition remains subject to customary closing conditions while the financial terms of the agreement have not been disclosed.
Led by CEO Sandeep Kumar Sood, Kunai helps financial institutions and payment networks build and deploy custom solutions focused on AI, cloud and data engineering, and core banking. The boutique consultancy claims to have worked with five of the top 10 banks in the US, as well fintech unicorns Plaid and Nubank, since being founded in 2015.
PwC US states that the acquisition will strengthen its engineering capabilities for both new and existing banking clients.
The Big Four firm has been building out its financial services offering over the years and previously acquired cloud transformation company EagleDream Technologies in 2020.
This was followed by further deals for data consultancy Sagence, Netrovert’s cloud business, and Applications Consulting Training Solutions (ACTS), a cloud engineering services firm, in 2022. PwC went on to acquire hardware manufacturer Surfaceink the following year.
Tyson Cornell, advisory leader at PwC US, says that with the acquisition of Kunai, “we’re enhancing our ability to deliver engineering-led solutions that combine deep financial domain knowledge with agile, scalable technology”.
Source: https://www.fintechfutures.com/
