Latest news with #Kunai
Yahoo
5 hours ago
- Business
- Yahoo
PwC Kunai acquisition to bolster tech enablement for bank CFOs
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. PricewaterhouseCoopers is acquiring 'substantially all the assets' of Bay Area–based fintech consultancy Kunai, a move the Big Four firm says will help banks quickly test its technology modernization solutions, giving CFOs early evidence of return on investment to present to internal decision makers. Terms of the deal were not disclosed. Kunai specializes in AI, automation, cloud engineering and core banking systems, with a team that includes mid- to senior-level engineers, Sandeep Sood, the company's founder, told CFO Dive. Through the acquisition, PwC is angling to offer faster delivery of tech solutions, giving decision makers tangible evidence of results before committing full budgets to transformations. CFOs are at the forefront of 'approving large-scale change for their financial institutions,' amid a rising urgency to upgrade legacy infrastructure and in the face of talent shortages, said Sean Viergutz, a partner at PwC who leads its banking and capital markets advisory business. 'A CFO will care, because we can be outcome based and say, 'We've done this before. We know we can deliver this for you.'' Many of the systems behind transformation efforts, including general ledgers, core banking and loan accounting platforms, can fall within a CFO's scope, Viergutz said. Financial institutions are also moving critical functions to the cloud, modernizing payment platforms and embedding AI into workflows. The rush to upgrade legacy infrastructure often hinges on quick board approvals, and Kunai's rapid-prototyping approach can give CFOs the early evidence they need to secure the green light, he added. 'We're going to see much more often, much more frequently, CFOs demand[ing] to see a prototype…[and] doing so in a way where they have not committed millions and millions of dollars [in] spend ahead of time,' Sood said. Rolling out tech faster While small- to mid-sized financial institutions are rushing to update old infrastructure, PwC also sees Kunai's capabilities as valuable to larger financial institutions. In particular, many are hobbled by lengthy request for proposal (RFP) processes for digital transformation, and Kunai's model could help modernize them, challenging outdated assumptions and helping firms execute faster, Sood said. 'We can do this work with a much smaller army of people in less time,' he said. 'We're challenging the parameters of the RFPs… built for an older era of offshore outsourcing.' Bringing enablement back to internal teams PwC aims to use Kunai's capabilities to shepherd new digital transformation initiatives among clients, but the ultimate goal is for them to lead these initiatives internally, Sood said. Kunai has a track record of building and hosting platforms, then transitioning them back to clients to take the reins, he noted. 'We don't want to be around forever… we transition [platforms] back to our clients so they can take control long term,' Sood said. On AI, Kunai doesn't position it as a standalone product. Instead, PwC will approach each project holistically, incorporating AI where it can add value and treating it as a standard part of the engineering process, Sood said. The deal builds on PwC's other recent tech acquisitions, including Sagence, Surfaceink, Netrovert, ACTS and EagleDream — part of a strategy to expand engineering depth and digital enablement capabilities. Recommended Reading Office fit-out cost growth downshifts to 2.7%: JLL Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
6 days ago
- Business
- Finextra
PwC US to acquire Kunai
PwC US has signed a definitive agreement to acquire substantially all the assets of Kunai, a leading agile software consultancy specializing in AI, cloud-first web, mobile and infrastructure platforms for the financial services industry. 0 This proposed strategic acquisition aligns with PwC's commitment to helping clients reach the leading edge of their industries by combining deep expertise with powerful technology-driven and innovative solutions. The addition of Kunai's expertise enables PwC to scale existing offerings in the FS space, specifically strengthening its engineering capabilities into existing and new banking clients, to accelerate growth and provide critical capabilities. 'The acquisition of Kunai accelerates our strategy to lead in tech-enabled transformation within the Financial Services sector,' says Tyson Cornell, PwC US Advisory Leader. 'By acquiring Kunai, we're enhancing our ability to deliver engineering-led solutions that combine deep financial domain knowledge with agile, scalable technology. This move positions PwC to meet growing client demand for end-to-end transformation services—helping banks and financial institutions modernize core systems and embrace AI so they can unlock new value at speed and scale.' Founded in 2015, Kunai is an integrated team of world class product managers, software engineers, and designers with deep experience building for every major use case in fintech. Kunai's history of groundbreaking achievements and ingenuity makes them an ideal fit for PwC's growth strategy. 'Joining forces with PwC represents an exciting new chapter for Kunai,' says Sandeep Sood, CEO of Kunai. 'With access to PwC's extensive resources and global network, we're poised to accelerate innovation and amplify the impact we deliver to clients. Together, we'll be a stronger product-building strategic provider in financial technology—expanding our reach, deepening our offerings and driving smarter, faster solutions that help financial institutions thrive in a rapidly evolving digital economy.' This proposed acquisition comes at a time when PwC is helping clients across industries navigate intense business uncertainty. PwC's recent Value in Motion research report reveals that in 2025 alone, up to $7.1 trillion in revenue will be redistributed across the global economy as companies reinvent their business models. Organizations that adapt quickly to the uncertainty will be best positioned to capture new growth and stay ahead. Kunai's work with leading financial institutions and leading payment networks has allowed it to create solutions to many of the industry's biggest technological challenges. Kunai brings to PwC a number of core competencies, including: Mobile & Web Product Development AI & Automation Cloud Engineering Data Engineering Core Banking Systems The proposed acquisition builds on the firm's recent strategic acquisitions, demonstrating PwC's commitment to driving innovation and digital transformation both internally and for its clients. Previous acquisitions, such as Surfaceink, Sagence, Netrovert, ACTS, and EagleDream, have reinforced PwC's focus on engineering, scalable solutions, advanced analytics, enhanced collaboration, and connectivity. The proposed acquisition is subject to customary closing conditions. The financial terms of the agreement were not disclosed.
