KPMG is set to invest $2 billion in artificial intelligence (AI) and cloud services through an expanded partnership with Microsoft, the firm said on Tuesday.
The company said that it will incorporate AI into its core audit, tax and advisory services for clients as part of the five-year partnership. This partnership will help support KPMG's clients and 2,500 customers serviced jointly by KPMG and Microsoft.
The move has come after Accenture is heading towards the latest technologies to weather a slowdown in advisory deals. Due to the falling number of customers, professional services firms are facing a slowdown in their business.
The collaboration between KPMG and Microsoft includes the former's multibillion-dollar commitment to Microsoft cloud and AI services over the next five years. The expanded alliance will enhance KPMG client engagements.
KPMG will use Microsoft Cloud and Azure OpenAI Service capabilities for its efficient operations and better services for its clients. It will also have access to Microsoft 365 Copilot.
Bill Thomas, global chairman and CEO of KPMG International said that the expansion of this alliance builds on the combined power of two world-class organisations that are working together to responsibly use cutting-edge cloud and AI technologies.
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"KPMG is embracing the future, and we believe that AI is key to unlocking sustainable growth in a way that will build a better future for our people, our clients and society," he said.
Satya Nadella, chairman and CEO of Microsoft, said that Microsoft's expanded partnership with KPMG will bring together AI innovation across the Microsoft Cloud with KPMG's tax, audit and advisory expertise to empower its employees and unlock insights for its customers.