For so many people during the pandemic, one thing became more important than ever before: technology. Prompted by the outstanding popularity of the online ‘pub quiz’, video conferencing platforms, such as Zoom, became household names in a matter of weeks. Technology also became a central pillar for lockdown entertainment, as evidenced by the astonishing growth of subscription-based streaming services, such as Netflix and Amazon Prime. However, perhaps most significantly, the adaptation of technology by businesses became pivotal for the health of the global economy.
It is unsurprising, therefore, that major global consultancies are making waves in bolstering their technology strategy and M&A advisory services. Just last week, EY-Parthenon announced its acquisition of transatlantic advisory firm CMA Strategy Consulting in a move to reinforce its digital infrastructure capabilities.
EY-Parthenon isn’t alone in this endeavour, either. Over the past two years, Bain & Co. have made significant investments into their TMT advisory, as well as in their transaction (and particularly due diligence) capabilities. In 2019, the firm announced a strategic partnership with OPEXEngine to provide integrated, data-driven strategic solutions for software and SaaS clients. Then, earlier this year, Bain also acquired British-based Private Equity technology due diligence specialists Tech Economy, further adding to their Private Equity expertise.
McKinsey & Co. have similarly been labelled as the ‘next tech unicorn’ based on their broad portfolio of SaaS and Advanced Analytics acquisitions, known as McKinsey Solutions. Covering a broad range of sectors (FS, Agriculture, Defence—the list goes on), McKinsey are now extraordinarily well placed to assist on any number of data, software, or tech-based topics; another perfect example of the premier consultancies actively deviating towards integrated tech solutions.
These are only a few examples from the past couple of years, but we can expect this trend to continue as pandemic effects lessen and technology becomes an intrinsic part of most industries. Either way, we’re excited to see where this will lead and witness the impact this will have on the width and breadth of the tech and software landscape.