KPMG takes stake in smartphone app maker in technology push

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KPMG began its push into the technology business yesterday by taking a minority stake in Chelsea Apps Factory.

The accountancy firm hopes to sign four or five more firms this year to its Digital Innovation Network, eventually bringing in 20 to 30.

Fast-growing firms in cloud computing, social networking and data analytics will benefit from access to KPMG’s client base without the founders losing control as they might in a full takeover, said Alwin Magimay, head of digital and analytics at KPMG.

Chelsea Apps Factory, which makes smartphone apps for businesses, is giving KPMG an initial 10 per cent stake as part of the tie-up.

“Today’s partnership brings together two organisations, at polar opposites of the business spectrum,” said Simon Collins, UK chairman of KPMG. “Our Tech City presence shows there is huge appetite amongst some of our largest clients to build networks with smaller tech companies, at the forefront of technological innovation.”

The professional services giant plans to make more investments in tech through KPMG Capital, a $100m fund it set up last year.