Deloitte acquires Australian data science consultancy Connected Analytics
Deloitte has acquired Melbourne-based Connected Analytics in a move that adds a 32-strong data analytics team to its Risk Advisory practice.
Commenting on the acquisition, Deloitte’s Managing Partner for Risk Advisory, Dennis Krallis said: “Connected Analytics’ technical and business knowledge will combine with our own experienced team of risk analytics partners to support clients meet the impact of legal and regulatory changes. As many of the team have already experienced some of these changes internationally, they understand the need for efficient implementation in tight deadlines.”
With the move, the Big Four firm is anticipating on major legal and regulatory changes that in the coming years will hit the frontiers of organisations, particularly those active in financial services. According to a recent study from The Boston Consulting Group, the number of regulatory changes that banks have to deal with daily has risen from around 50 a decade ago to over 200 today. Among the regulatory changes that come into effect soon are: legislation on Comprehensive Credit Reporting; the introduction of Open Banking in Australia; regulations tied to Responsible Lending, Conduct and Financial Crime; and revised regulations for IFRS9.
Founded in 2013, by Mike Jones, Marcus Oakly and Roy Pugh, Connected Analytics is professional services firm that specialises in analytics advisory services, data sourcing, business intelligence and automation. Since its inception the consulting firm, which focuses mainly on the financial services sector, has expanded strongly to a size of 32 professionals. Commenting on the deal, Oakley highlighted the benefits of being part of a company with a much broader service offering. “From our perspective we have a real thirst for data and solving those interesting in-depth problems. So being exposed to all the areas of the Risk Advisory business, from forensics, climate change, sustainability and safety risks is of real interest to us.”
“We will draw on our combined capabilities with Deloitte to significantly enhance our joint financial services clients’ competitiveness and capability with solutions that can support and advise them on the topics that matter most to them, and especially those with long reaching implications. We are very excited by the opportunities presented,” said Jones.
As part of the integration, Jones and Oakly have been appointed partners at Deloitte. Roy Pugh, who headed the Analytics practice of Connected Analytics, has been named a Principal, with six other staff coming over as Directors. One of other partners in the practice, Rita Gatt, remarked that he is delighted with the addition of what he describes as a “unique” skillset. “The team at Connected Analytics are people with a rare combination of skills and experience in risk management, advanced mathematics, data science and modelling skills. Their smarts will ensure we can bring our financial services clients the best and most competitive outcomes, and in addition, these capabilities are all transferable to other industries and themes.”
The deal comes just months after Deloitte acquired another big data consultancy. In December last year the Asia Pacific wing of CBIG Consulting was poached from its US-headquartered parent, adding a team of 40 professionals across offices in Australia and Singapore. One month later the Big Four firm also bought Australian software developer Well Placed Cactus to enhance the firm's interactive and digital development skills.
