KPMG partners with Chelsea Apps factory
Big Four firm takes 10% equity stake and launches digital innovation network to push its technology ambition
KPMG has stepped up its push into the technology market by launching a strategic partnership with mobile technology business Chelsea Apps Factory.
The firm has taken an initial 10% equity stake in the company, which KPMG said it could increase dependent on the amount of business both parties do together.
The partnership is part of a wider initiative by KPMG to bring together its industry knowledge with early stage start-up tech companies. It will also see the firm sponsor and work with early stage technology businesses.
Last year, KPMG opened an office at Tech City in East London and it launched a global investment fund aimed data and analytics businesses, KPMG Capital.
Simon Collins (pictured), KPMG UK chairman, said: “Today’s partnership brings together two organisations, at polar opposites of the business spectrum. Our Tech City presence shows there is huge appetite amongst some of our largest clients to build networks with smaller tech companies, at the forefront of technological innovation.
“Vice versa, small tech companies, particularly start ups, are looking for the support – not just financial – of large corporates. Fostering this type of corporate ‘eco system’ can drive the UK’s route to sustainable growth. Certainly with our own corporate ‘match making’ at Tech City proving such a success, it was only natural that we would explore partnerships that we could benefit from as well!”