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EY-Parthenon eyes $250mln investment in AI-powered Edge platforms
EY-Parthenon eyes $250mln investment in AI-powered Edge platforms

Zawya

time01-04-2025

  • Business
  • Zawya

EY-Parthenon eyes $250mln investment in AI-powered Edge platforms

Leading accounting and consulting firm EY has announced that its key unit, EY-Parthenon, is set to make a $250 million investment in its artificial intelligence (AI)-powered Edge platforms working with ecosystem partners Microsoft and vendors including OpenAI. The AI-powered Edge platforms – including Competitive Edge, Diligence Edge and Capital Edge – give private equity and corporate clients access to the most advanced tech and relevant datasets to support their transformative strategies and transactions, helping them create new value and gain competitive advantages. EY-Parthenon is a joint venture between EY and Parthenon Group, a global strategy consultancy with offices in Boston, London, Mumbai, San Francisco, Shanghai and Singapore. It now boasts a 25,000-strong workforce with presence in 150 countries. The newly formed EY-Parthenon brand aims to appeal to an increasingly diverse range of talent with an investor mindset – professionals eager to address the most challenging business and societal issues within the most collaborative culture in strategic consulting. According to EY, Brad Watson, an industry veteran, will be leading the sub-brand in the Mena region. Unveiling the key expansion strategy, EY said it is unifying the organization's strategy and transactions service line under a single, distinctive sub-brand focused on creating value for EY clients, people and society more broadly at the intersection of strategy, transaction services and transformation. The move is a significant milestone in the broader EY global strategy, 'All in,' and is designed to enhance the full consulting transformation capabilities of the organization. The expanded offering will be a unique combination of transformative strategy and transactions functions integrated within the full spectrum of EY services – from tax to technology – and will enhance the ability of EY professionals to help deliver market-leading, multi-disciplinary, cross-functional transformational solutions. As part of this transition, the EY-Parthenon brand identity is being refreshed in line with the EY organization's 'Shape the future with confidence' brand expansion announced in June 2024, to inspire EY people, clients and stakeholders around the value delivered across all service lines and sectors. Andrea Guerzoni, EY-Parthenon Global Vice Chair, said: "At a time of heightened geopolitical uncertainty and relentless tech-driven transformational change, client demand around strategic consultancy is evolving. This newly expanded proposition is meeting those new demands, focusing on delivering real-world value – solutions that work in practice, not just on paper." "EY-Parthenon, with its deep functional talent and sector capabilities, innovative AI-powered technology and investor mindset, is designed to collaborate with CEOs, boards, private equity and governments on every step of their transformation journey – helping them to shape the future with confidence," he stated. Guerzoni pointed out that this change would see EY-Parthenon strengthen its leading position in mergers and acquisitions (M&A), divestitures, corporate finance, value creation, turnaround, and optimization, as well as sector-driven strategic advisory and transformation services. The newly integrated team will also benefit from cross-functional collaboration with the full spectrum of services provided by 400,000 EY people worldwide, enhancing the strength of the organization across Consulting, Tax and Assurance – and particularly around large-scale transformational programs. EY Global Chair and CEO Janet Truncale said: "Expanding the EY-Parthenon brand is a pivotal step in reinforcing EY's strategic consulting offerings to meet the challenges of tomorrow. Our 'All in' strategy is rooted in the transformation of the EY organization to support clients as they shape the future with confidence." "The strengthened EY-Parthenon will help deliver on this mission and drive value for C-suite and boards," he stated. Watson said the elevation of Parthenon will unify its service line under a single and distinctive sub-brand here in the Mena region, as well as globally. "This will not only provide us with unique positioning in the market to further differentiate our team, but it will also showcase the full strategy, transaction, and transformation capabilities of EY – demonstrating our ability to deliver market-leading, multidisciplinary, cross-functional solutions for clients based in the region,"he added. Nadine Mirchandani, EY-Parthenon Deputy Global Vice Chair, said: "Some of the most recent senior EY-Parthenon hires have included government policy advisors, data scientists, civil engineers, solution architects and technologists." "The talent profile is rapidly changing and while EY-Parthenon continues to hire people with strategy, financial, M&A and investment banking skills, this recruitment strategy addresses clients' growing needs for demonstrable value realization on the back of strategic consulting work," he stated. "That means more and more deep industry knowledge, and capabilities around emerging technology – including AI, and operational and functional offerings," he added. Investments have also included strengthening EY-Parthenon's Geostrategy Business Group – a well-established strategic offering focused on helping clients navigate macro-issues and the business implications of shifting geopolitical change. In full alignment with the core proposition of EY-Parthenon, the group translates emerging and anticipated trends into practical strategic and operational advice to help boards and public institutions navigate disruption and uncertainty. EY-Parthenon is also making a $250m investment in its AI-powered Edge platforms working with ecosystem partners such as Microsoft and vendors including OpenAI. Competitive Edge encompasses more than 26m company profiles, 2.1m transactions and more than 325,000 company reports. It also keeps a pulse on the market by monitoring 677m news articles and proprietary data sources. The full Edge suite is being leveraged by more than 25,000 people, including more than 10,000 clients across the globe. Combined, the three platforms provide AI-supported insights and benchmarks – empowering the EY-Parthenon offering from strategy and deal sourcing to due diligence and private equity value creation.-TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (

EY-Parthenon eyes $250m investment in AI-powered Edge platforms
EY-Parthenon eyes $250m investment in AI-powered Edge platforms

Trade Arabia

time31-03-2025

  • Business
  • Trade Arabia

EY-Parthenon eyes $250m investment in AI-powered Edge platforms

Leading accounting and consulting firm EY has announced that its key unit, EY-Parthenon, is set to make a $250 million investment in its artificial intelligence (AI)-powered Edge platforms working with ecosystem partners Microsoft and vendors including OpenAI. The AI-powered Edge platforms – including Competitive Edge, Diligence Edge and Capital Edge – give private equity and corporate clients access to the most advanced tech and relevant datasets to support their transformative strategies and transactions, helping them create new value and gain competitive advantages. EY-Parthenon is a joint venture between EY and Parthenon Group, a global strategy consultancy with offices in Boston, London, Mumbai, San Francisco, Shanghai and Singapore. It now boasts a 25,000-strong workforce with presence in 150 countries. The newly formed EY-Parthenon brand aims to appeal to an increasingly diverse range of talent with an investor mindset – professionals eager to address the most challenging business and societal issues within the most collaborative culture in strategic consulting. According to EY, Brad Watson, an industry veteran, will be leading the sub-brand in the Mena region. Unveiling the key expansion strategy, EY said it is unifying the organization's strategy and transactions service line under a single, distinctive sub-brand focused on creating value for EY clients, people and society more broadly at the intersection of strategy, transaction services and transformation. The move is a significant milestone in the broader EY global strategy, 'All in,' and is designed to enhance the full consulting transformation capabilities of the organization. The expanded offering will be a unique combination of transformative strategy and transactions functions integrated within the full spectrum of EY services – from tax to technology – and will enhance the ability of EY professionals to help deliver market-leading, multi-disciplinary, cross-functional transformational solutions. As part of this transition, the EY-Parthenon brand identity is being refreshed in line with the EY organization's 'Shape the future with confidence' brand expansion announced in June 2024, to inspire EY people, clients and stakeholders around the value delivered across all service lines and sectors. Andrea Guerzoni, EY-Parthenon Global Vice Chair, said: "At a time of heightened geopolitical uncertainty and relentless tech-driven transformational change, client demand around strategic consultancy is evolving. This newly expanded proposition is meeting those new demands, focusing on delivering real-world value – solutions that work in practice, not just on paper." "EY-Parthenon, with its deep functional talent and sector capabilities, innovative AI-powered technology and investor mindset, is designed to collaborate with CEOs, boards, private equity and governments on every step of their transformation journey – helping them to shape the future with confidence," he stated. Guerzoni pointed out that this change would see EY-Parthenon strengthen its leading position in mergers and acquisitions (M&A), divestitures, corporate finance, value creation, turnaround, and optimization, as well as sector-driven strategic advisory and transformation services. The newly integrated team will also benefit from cross-functional collaboration with the full spectrum of services provided by 400,000 EY people worldwide, enhancing the strength of the organization across Consulting, Tax and Assurance – and particularly around large-scale transformational programs. EY Global Chair and CEO Janet Truncale said: "Expanding the EY-Parthenon brand is a pivotal step in reinforcing EY's strategic consulting offerings to meet the challenges of tomorrow. Our 'All in' strategy is rooted in the transformation of the EY organization to support clients as they shape the future with confidence." "The strengthened EY-Parthenon will help deliver on this mission and drive value for C-suite and boards," he stated. Watson said the elevation of Parthenon will unify its service line under a single and distinctive sub-brand here in the Mena region, as well as globally. "This will not only provide us with unique positioning in the market to further differentiate our team, but it will also showcase the full strategy, transaction, and transformation capabilities of EY – demonstrating our ability to deliver market-leading, multidisciplinary, cross-functional solutions for clients based in the region,"he added. Nadine Mirchandani, EY-Parthenon Deputy Global Vice Chair, said: "Some of the most recent senior EY-Parthenon hires have included government policy advisors, data scientists, civil engineers, solution architects and technologists." "The talent profile is rapidly changing and while EY-Parthenon continues to hire people with strategy, financial, M&A and investment banking skills, this recruitment strategy addresses clients' growing needs for demonstrable value realization on the back of strategic consulting work," he stated. "That means more and more deep industry knowledge, and capabilities around emerging technology – including AI, and operational and functional offerings," he added. Investments have also included strengthening EY-Parthenon's Geostrategy Business Group – a well-established strategic offering focused on helping clients navigate macro-issues and the business implications of shifting geopolitical change. In full alignment with the core proposition of EY-Parthenon, the group translates emerging and anticipated trends into practical strategic and operational advice to help boards and public institutions navigate disruption and uncertainty. EY-Parthenon is also making a $250m investment in its AI-powered Edge platforms working with ecosystem partners such as Microsoft and vendors including OpenAI.

EY boss Janet Truncale pushes a major shake-up of the Big Four firm after her predecessor's attempt failed
EY boss Janet Truncale pushes a major shake-up of the Big Four firm after her predecessor's attempt failed

Yahoo

time30-03-2025

  • Business
  • Yahoo

EY boss Janet Truncale pushes a major shake-up of the Big Four firm after her predecessor's attempt failed

EY is shaking things up under new CEO Janet Truncale, merging global regions and business areas. The shake-up follows the failure of "Project Everest," an attempt to split its audit and consulting wings. The Big Four firm is also trying to recover from a substantial slowdown in its annual growth. EY's head, Janet Truncale, took over as CEO and global chair last July, promising to foster greater collaboration across the Big Four firm's international network. Nine months into the role, EY is starting to see some big changes to its business lines and global structure. An EY spokesperson confirmed to BI that the firm plans to merge its 18 existing geographical regions into 10 superregions. Financial News first reported the plans. In another change, EY announced in a press release this week that it is expanding its EY-Parthenon brand to represent the entire EY strategy and transactions service line. EY-Parthenon, the firm's strategy consulting division, was previously part of the S&T service line and had around 9,000 workers at the start of this year. The newly expanded division now comprises 25,000 employees across 150 countries. The move is designed to strengthen the full consulting transformation capabilities of the organization, EY said. Andrea Guerzoni, EY-Parthenon's Global Vice Chair, added that client demand for strategic consulting had evolved amid geopolitical uncertainty and tech-driven transformational change. The expansion would help meet that changing demand, he said. Last year, the firm's sector strategy also received a shake-up when EY streamlined its core industries from eight to six. EY's key sectors are now: Financial services Private Equity Government Technology, media, and telecommunications Energy and industrials Consumer and health During the process, health, science, and wellness were merged with the consumer industry, as were energy and resources, advanced manufacturing, and mobility. The Big Four firm has laid off some workers as it implements the changes. Last week, EY confirmed to Business Insider that it was restructuring its UK Law business by "focussing on strategic areas with greater alignment to the broader EY business." The firm said it would continue to strengthen capabilities in corporate law, company secretarial, tax litigation, and immigration but would be laying off workers across other areas of its UK Law division. Partner numbers in the UK, where the global consulting and accountancy firm is headquartered, declined by 43 in 2024, according to publicly available data reviewed by BI. The previous year, the firm had added 27 partners to its ranks. The waves of change at EY come in the wake of the firm's failed bid to split its consulting and audit lines under the previous CEO, Carmine Di Sibio. Codenamed "Project Everest," the bid collapsed in April 2023 amid infighting and opposition from senior US partners. Truncale took over as EY's global chair and CEO in July 2024. In her first public statement as global CEO, she launched a new strategy called "All in," which emphasized collaboration and EY's unity as a single global operation — a clear break from the "Project Everest" mission. "The All in strategy is about shaping EY's next $50b through purposeful growth," Truncale said. The goal was to "build an even stronger organization by creating new ways to collaborate across EY's vast geographical footprint." Truncale is also tasked with helping EY recover from a dramatic slowdown in growth last year, a trend that also hit PwC and Deloitte amid an industry-wide drop in demand. In the 2024 financial year, EY's annual revenue growth fell to 3% from 16% the previous year, its poorest performance since 2010. Partner payouts in the UK were down by 5% last year. Have a tip? Contact this reporter via email at pthompson@ or Signal at Polly_Thompson.89. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider Sign in to access your portfolio

Major expansion of EY-Parthenon strengthens EY position in global strategy and transactions market
Major expansion of EY-Parthenon strengthens EY position in global strategy and transactions market

Zawya

time29-03-2025

  • Business
  • Zawya

Major expansion of EY-Parthenon strengthens EY position in global strategy and transactions market

Brad Watson to lead EY-Parthenon sub-brand in the MENA region Brand now comprises 25,000 professionals across 150 countries, supported by a US$250m investment in AI-powered Edge platforms Core proposition, EY-Parthenon Geostrategy Group, helps CEOs and governments navigate geopolitical complexities with actionable strategies Dubai, UAE: The EY organization today announces the expansion of EY-Parthenon, unifying the EY organization's Strategy and Transactions service line under a single, distinctive sub-brand focused on creating value for EY clients, people and society more broadly at the intersection of strategy, transaction services and transformation. The move is a significant milestone in the broader EY global strategy, 'All in,' and is designed to enhance the full consulting transformation capabilities of the organization. The expanded offering will be a unique combination of transformative strategy and transactions functions integrated within the full spectrum of EY services – from tax to technology – and will enhance the ability of EY professionals to help deliver market-leading, multi-disciplinary, cross-functional transformational solutions. As part of this transition, the EY-Parthenon brand identity is being refreshed in line with the EY organization's 'Shape the future with confidence' brand expansion announced in June 2024, to inspire EY people, clients and stakeholders around the value delivered across all service lines and sectors. Andrea Guerzoni, EY-Parthenon Global Vice Chair, says: 'At a time of heightened geopolitical uncertainty and relentless tech-driven transformational change, client demand around strategic consultancy is evolving. This newly expanded proposition is meeting those new demands, focusing on delivering real-world value – solutions that work in practice, not just on paper. EY-Parthenon, with its deep functional talent and sector capabilities, innovative AI-powered technology and investor mindset, is designed to collaborate with CEOs, boards, private equity and governments on every step of their transformation journey – helping them to shape the future with confidence.' This change will see EY-Parthenon strengthen its leading position in mergers and acquisitions (M&A), divestitures, corporate finance, value creation, turnaround, and optimization, as well as sector-driven strategic advisory and transformation services. With EY Strategy and Transactions headcount transitioning to EY-Parthenon, the new brand will comprise 25,000 in 150 countries. The newly integrated team will also benefit from cross-functional collaboration with the full spectrum of services provided by 400,000 EY people worldwide, enhancing the strength of the organization across Consulting, Tax and Assurance – and particularly around large-scale transformational programs. Janet Truncale, EY Global Chair and CEO, says: 'Expanding the EY-Parthenon brand is a pivotal step in reinforcing EY's strategic consulting offerings to meet the challenges of tomorrow. Our 'All in' strategy is rooted in the transformation of the EY organization to support clients as they shape the future with confidence. The strengthened EY-Parthenon will help deliver on this mission and drive value for C-suite and boards.' Brad Watson, MENA EY-Parthenon Leader, says: 'The elevation of Parthenon will unify our service line under a single and distinctive sub-brand here in the MENA region, as well as globally. This will not only provide us with unique positioning in the market to further differentiate our team, but it will also showcase the full strategy, transaction, and transformation capabilities of EY – demonstrating our ability to deliver market-leading, multidisciplinary, cross-functional solutions for clients based in the region.' Diverse talent, technology with an Edge The newly formed EY-Parthenon brand aims to appeal to an increasingly diverse range of talent with an investor mindset – professionals eager to address the most challenging business and societal issues within the most collaborative culture in strategic consulting. Nadine Mirchandani, EY-Parthenon Deputy Global Vice Chair, says: 'Some of the most recent senior EY-Parthenon hires have included government policy advisors, data scientists, civil engineers, solution architects and technologists. The talent profile is rapidly changing and while EY-Parthenon continues to hire people with strategy, financial, M&A and investment banking skills, this recruitment strategy addresses clients' growing needs for demonstrable value realization on the back of strategic consulting work. That means more and more deep industry knowledge, and capabilities around emerging technology – including AI, and operational and functional offerings.' Investments have also included strengthening EY-Parthenon's Geostrategy Business Group – a well-established strategic offering focused on helping clients navigate macro-issues and the business implications of shifting geopolitical change. In full alignment with the core proposition of EY-Parthenon, the group translates emerging and anticipated trends into practical strategic and operational advice to help boards and public institutions navigate disruption and uncertainty. EY-Parthenon is also making a $250m investment in its AI-powered Edge platforms working with ecosystem partners such as Microsoft and vendors including OpenAI. The AI-powered Edge platforms – including Competitive Edge, Diligence Edge and Capital Edge – give private equity and corporate clients access to the most advanced tech and relevant datasets to support their transformative strategies and transactions, helping them create new value and gain competitive advantages. Competitive Edge encompasses more than 26m company profiles, 2.1m transactions and more than 325,000 company reports. It also keeps a pulse on the market by monitoring 677m news articles and proprietary data sources. The full Edge suite is being leveraged by more than 25,000 people, including more than 10,000 clients across the globe. Combined, the three platforms provide AI-supported insights and benchmarks – empowering the EY-Parthenon offering from strategy and deal sourcing to due diligence and private equity value creation. -Ends- About EY | Building a better working world EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex issues facing our world today. EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of individuals' rights under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit The MENA practice of EY has been operating in the region since 1923. For over 100 years, we have grown to over 7,500 people united across 21 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. © 2025 EYGM Limited. All Rights Reserved. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice. This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients. Ewan Abbasi Tomader Alrehaili MENA Public Relations MENA Public Relations

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