U.S. artificial intelligence (AI) company Anthropic is establishing a joint venture in Europe focused on AI consulting, aiming to penetrate the enterprise AI market. The company has set a goal to achieve a valuation of over $10 billion within the next five years, intensifying competition with existing global consulting firms.
The Financial Times reported on October 23 that Anthropic has signed an agreement with Hg, a private equity firm based in the UK, to create a joint venture for AI consulting in Europe.
According to sources familiar with the matter, the two companies plan to launch the joint venture by the end of this year, with bases in London and Berlin. The new entity will deploy AI consultants and engineers to assist European companies in developing AI-based products and implementing technology.
Notably, the venture will operate by placing specialized personnel within client companies to facilitate the practical application of AI technologies. It also plans to collaborate with Hg's portfolio companies to expand its business scope.
The partners aim to elevate the joint venture's valuation to over $10 billion within five years. Key clients are expected to include enterprise software companies and European firms looking to adopt AI technologies.
This joint venture is likely to significantly impact the existing global IT consulting industry. Traditionally, firms like Accenture, Deloitte, EY, KPMG, and PwC have generated revenue by supporting companies in adopting new technologies and undergoing digital transformations.
The Financial Times analyzed that Anthropic's direct entry into the consulting market could pose a threat to these traditional consulting firms. As European countries accelerate the adoption of advanced technologies to close the AI gap with the U.S., competition in this market is expected to intensify.
This is not the first instance of generative AI companies entering the consulting market. Earlier this year, Anthropic launched an independent service firm called Ode, backed by a $1.5 billion investment from Blackstone and Hellman & Friedman.
Competitor OpenAI also established a joint venture called OpenAI Deployment Company in May with global private equity firms TPG and Bain Capital, aimed at supporting enterprise clients in adopting AI while expanding the use of its technologies and products.
Anthropic's expansion strategy is seen as a move to cover the substantial investment costs required for building large-scale data center infrastructure and to secure new revenue streams. It is also viewed as a way to establish a stable performance base ahead of a potential large-scale initial public offering (IPO).
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.