KPMG breaks new ground with launch of $100m technology fund
KPMG has stolen a march on its ‘Big Four’ rivals with the launch of what is thought to be the first significant investment fund established by any of the major accountants.
It is understood that KPMG senior partner Simon Collins has authorised an initial $100m (£74.8m) to be poured into a fund dedicated to investing in data and analytics businesses.
KPMG Capital form partnerships with tech boffins or buy their ideas and start-ups in what will help the wider group upgrade its own systems, from improving invoicing processes to hooking up clients with the latest and most efficient computer software.
Mr Collins told The Independent: “I haven’t seen anything else like this, I think it’s the first global fund that has been set-up [by one of the big accountants].
“We’re obsessed with technology at the moment and we want to be right on top of technology as it develops.”
The first investments are likely to be made within a few weeks and could be of any size. KPMG Capital does not have any external investors, meaning that there are no third party constraints on the type, quantity, or budget of deals that it makes.
“If you think about how technology is developed, it isn’t just by PLCs, but university academics working in their garages at the weekend or a couple of teenagers from a bedroom,” said Mr Collins.
“We need to be quicker, more agile [to identify and invest in those opportunities]. I think this demonstrably shows that we’re investing in things that will also better serve our clients.”
The fund will be based in London and will be topped-up with more money from its parent should the investments prove successful.
Ultimately, Mr Collins said, further funds dedicated to other industry sector investments could be raised.
KPMG Capital chief executive Mark Toon, who also heads up the accountant’s data and analytics practice, added: “Through partnerships with technology and service providers, strategic partners and other third parties, we aim to accelerate innovation in data and analytics to bring potential solutions to clients – and to the market – faster.”
The bean-counting giant signalled its interest in technology earlier this year when it based a team in east London’s ‘Tech City’.
Politicians want this area to eventually rival the US’s Silicon Valley, with Facebook, Google and Vodafone among the big name technology giants that have pledged their support to the hub.
- 1 Autism 'caused by genetics', study suggests
- 2 What happens to your body when you give up sugar?
- 3 Why you should never make assumptions about people with autism
- 4 Tourist films plane's descent just metres above packed Caribbean beach
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Tourist films plane's descent just metres above packed Caribbean beach
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
How Homer Simpson discovered the Higgs boson over a decade before scientists
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Harrison Ford plane crash: Star Wars actor 'seriously injured' after light aircraft crash lands
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...