KPMG, the professional services firm, has today announced that it has invested £3m in UK technology company, Flexeye, as part of its ambition to lead in the advisory market.
Flexeye offers a technology platform to help organisations implement solutions that consolidate and analyse real-time data feeds from a variety of sources, from social media and mobile devices to customer databases.
Through big data analytics technology, organisations can use this consolidated data to better understand risks, make more informed decisions and capitalise on the ‘Internet of Things’, or controlling everyday objects that are connected to the internet.
Applications of Flexeye’s technology currently include the banking industry in preventing further mis-selling of products, transport companies to improve efficiency and by local governments to enhance public safety. Founded 10 years ago, the Guilford headquartered company has grown from a technology start-up, to that of a technology ‘scale-up’ with offices in Hyderabad and Silicon Valley.
The investment follows a successful partnership with Flexeye to provide one of the UK’s largest high street banks with KPMG’s Konduct, a technology platform which manages conduct risk with an aim to prevent mis-selling of products.
The deal will also allow KPMG to offer its clients risk similar across a wide number of sectors, particularly in highly-regulated industries.
John Hall, financial services partner at KPMG said: “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 the ‘Internet of Things’.
We are delighted to be investing in Flexeye, a company whose vision and technology is at the heart of this change. Flexeye has grown rapidly in the past decade not only because their technology addresses the challenges of tomorrow, but it tackles the problems of today.
“For instance, the mis-selling of products such as Payment Protection Insurance has been a major and systematic issue for banks in the past five years. By working with Flexeye, we have been able to successfully deploy our conduct risk platform, Konduct, in a leading UK high street bank to help tackle this issue.”
Justin Anderson, Chief Executive Officer at Flexeye 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.”
Simon Chan, KPMG Corporate Communications
M: +44(0) 7747 564 737
Gemma Bassett, FlexEye
M: +44 (0)7779 247 508
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
Flexeye (www.flexeye.com) unlocks the potential of the Internet of Things (IoT) by enabling industry to increase their sales and reduce costs and inputs. Flexeye works with enterprises and governments, including many FTSE100 companies, and is the first organisation ever to receive two Gartner ‘Cool Vendor’ awards for IoT (2014). Flexeye is also funded by the UK government to lead a major IoT programme – HyperCat – to inspire the UK to deliver £100bn of value add by 2020.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.