Deloitte buys 20-strong data analytics consultancy Bistech
In its third deal of the year, Deloitte has acquired Bistech, a Brisbane-based data analytics consultancy. The bolt-on adds a team of twenty consultants and data scientists to its Analytics & Cognitive practice within Deloitte Consulting.
According to Deloitte’s boss for Australia Richard Deutsch, the deal aligns with the firm’s strategy to beef up its capabilities in fast growing segments. Australia’s data analytics market is expected to deliver the fourth fastest growth rate in Asia-Pacific behind China, Indonesia, and India, as per a forecast from an analyst firm, “so the timing is right for Deloitte to welcome Bistech,” said Deutsch.
Founded in 2000, Bistech helps clients to better understand and harness their data, leveraging cloud technologies and modern analytics solutions to make informed business decisions and achieve enhanced performance. The company is a partner of technology vendors IBM, Adaptive Insights and Microsoft.
“Kaylene O’Brien, Managing Partner of Deloitte Consulting added, “The Bistech team bring a great mix of business and technical expertise that is increasingly in demand from clients seeking to extract maximum benefit from their data.”
A 2019 report from Kearney, formerly A.T. Kearney, found that companies that invest in analytics reap the benefits of this forward-looking strategy, with ‘analytics leaders’ generating as much as 83 percent more profits than the laggards.
This is sparking something of a data analytics boom globally. While debate on the value of the data analytics market continues to unfold, there is broad consensus on the market’s growth and outlook – only going up. One estimate pegs the global data analytics market at US$40 billion, and forecast this to hit over US$100 billion around 2025 on the increasing volumes of data and adoption of big data tools, fuelling a double digit growth compound annual growth rate for the period.
Alongside deepening its data analytics offerings, the purchase also bolsters Deloitte’s track record in Queensland, particularly with clients in the public sector, and offers the Big Four firm to inject the newly acquired data analytics expertise into its suite of other offerings. “There is significant growth opportunity for us to use Bistech’s expertise with our work in the retail and health sectors,” remarked John Greig, Managing Partner of Deloitte’s Brisbane office.
The integration sees Bistech’s co-owners Shane Morgan, Justin Hoareau and Brad Culbert join the Big Four firm in leadership positions, with Brad Culbert joining as a Partner.
Hoareau commented: “The opportunity for our people and customers going forward is significant and we look forward to continuing to deliver high quality professional services and value to our customers. We are proud to be joining the Deloitte family and working together as a team.”
Bistech was advised on by SCD Advisory, a M&A consultancy dedicated to professional services that last year also supported the shareholders of The Terrace Initiative on their sale to Deloitte. The Big Four firm used its internal dealteam (Corporate Finance and Legal) to complete the process.
