KPMG invests £3m in UK big data company Flexeye
Guildford-based analytics company has seen "rapid growth" in last decade with offices now in Silicon Valley and Hyderbad
Smart systems analytics provider Flexeye has received a £3m investment from KPMG; a move by the professional services firm to help it tap into the UK advisory market.
Founded 10 years ago with offices in Hyderbad and Silicon Valley, Guildford-based Flexeye enables companies to increase their sales, and reduce costs and inputs by implementing solutions that consolidate and analyse real time data feeds from social media, mobile devices and customer databases.
This data can then be used to better understand risks, make more informed decisions and unlock the potential of the Internet of Things (IoT).
The investment follows a partnership with Flexeye to develop a KPMG Konduct, a technology platform that manages conduct risk to prevent mis-selling of products – which has been provided to one of the UK's leading high street banks.
Justin Anderson, Flexeye CEO, said: “This investment will support Flexeye’s plans for international expansion, as well as solidify the fusion of KPMG's financial services expertise with our leading edge tech solutions.
“With Osborne’s revelation in the budget last week that the compensation banks pay to customers for mis-sold products, including PPI, will no longer be tax deductible, it is now even more important for banks to be fully aware of any risk of misconduct and mitigate it immediately.”
KPMG financial services partner, John Hall, added:“Organisations are operating in a brave new world. Today’s organisations need to understand risks in real-time, inform their decisions based on predictive analysis and future-proof themselves to capitalise on opportunities such as IoT.
“We are delighted to be investing in Flexeye, a company whose vision and technology is at the heart of this change.”