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KPMG to invest $2 billion in AI, cloud services

Published 07/11/2023, 05:08 PM
Updated 07/11/2023, 07:35 PM
© Reuters. FILE PHOTO: The KPMG logo is seen at the company's head offices in Parktown, Johannesburg, South Africa, September 15, 2017. REUTERS/Siphiwe Sibeko/File Photo
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(Reuters) -KPMG said on Tuesday it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft (NASDAQ:MSFT), closely following Accenture (NYSE:ACN) in betting on the latest technologies to weather a slowdown in advisory deals.

The accounting firm said it will incorporate AI into its core audit, tax and advisory services for clients as part of the five-year partnership.

© Reuters. FILE PHOTO: The KPMG logo is seen at the company's head offices in Parktown, Johannesburg, South Africa, September 15, 2017. REUTERS/Siphiwe Sibeko/File Photo

Professional services firms face a slowdown in business as their customers downsize or hold off on consulting and transformation projects to save costs in a challenging macro economic environment.

The expanded partnership will help support KPMG's clients and 2,500 customers serviced jointly by KPMG and Microsoft.

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