McKinsey bolts-on Venturetec to Digital enterprise in Australia
Global management consultancy McKinsey & Company has strengthened its digital business in Australia with Venturetec, a boutique consultancy specializing in digital innovation and venture building.
McKinsey Digital is McKinsey’s arm focused on developing digital strategies and bringing them to life. The department employs more than 5,000 people worldwide – data scientists, engineers, architects, developers, technology leaders, agile coaches, designers and cybersecurity experts – from offices in more than 60 countries.
The acquisition of Venturetec expands the Leap practice, McKinsey Digital’s digital business building service line, with a team of five consultants and innovators. This 700-person global unit has grown significantly over the past three years and has helped create, launch, and build more than 200 companies.
According to Trey Zagante, founder of B Corp Venturetec, the joining of forces marks “an exciting new chapter for the company”. In a statement posted on the company’s website, he wrote: “Since its inception, we have managed over 80 projects with clients in seven countries. We are proud of the work we have done together with our customers and have repeatedly asked ourselves how we can continue to fulfill our mission of inspiring and enabling companies to be innovative and future-proof. “
“Joining McKinsey Digital offers us a great opportunity to work across even more diverse commitments. Leap offers an unrivaled global mix of resources and expertise to help clients build dynamic new businesses and build lasting innovation capabilities. “
Closing a deal is a rarity for McKinsey & Company – the global strategy consulting firm prefers to expand organically. In 2020, the German Orpheus was the only acquisition, and in 2019 the consulting firm Westney Consulting in the USA bought it. McKinsey didn’t buy anything in 2018.
However, Venturetec is the company’s second transaction in 2021. Two weeks ago McKinsey acquired Digital Candid Partners, a US provider of cloud services for large companies.
Last month, one of McKinsey’s key global competitors, Bain & Company, signed a deal in Italy.
