Accenture is buying Work & Co for an undisclosed amount

Accenture Plc (NYSE: ACN) just revealed plans of buying Work & Co – a digital product company based out of Brooklyn. Its shares are roughly flat at writing.

Here’s what we know about the Accenture-Work deal

The professional services company expects this acquisition to help it tap on the global digital transformation market that is expected to hit $1.7 trillion by 2028.  

Work & Co did not reveal the financial details of its agreement with Accenture on Tuesday. Mohan Ramaswamy – its found partner said in a press release today:

Wall Street currently has a consensus “overweight” rating on shares of Accenture plc that have gained 17% since late October.

What Accenture expects in terms of trends in 2024

The agreement between Accenture Plc and Work & Co is subject to customary closing conditions, as per the press release on Tuesday.

On Tuesday, Accenture also reiterated that artificial intelligence software will likely remain a major trend in 2024. It expects “Gen AI” to play a role in unlocking human potential instead of stifling it.     

According to Statista, the artificial intelligence marketplace will be worth about $2.0 trillion by the end of this decade versus $200 billion only at writing.

Last month, Accenture reported better-than-expected adjusted per-share earnings for its first financial quarter even though its revenue came in slightly shy of Street estimates.