Consulting firm McKinsey & Company said it has acquired AI/ML startup Iguazio.

While financial details weren't disclosed, Ctech said McKinsey paid an estimated $50M for Iguazio, which was previously valued at $100M.

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Israel-based Iguazio provides an MLOps platform to enterprises to develop, deploy, and maintain AI and machine learning models and applications.
Through the acquisition, McKinsey plans to add to its AI arm known as QuantumBlack.
The additions will boost the data analytics group with new "industry-specific" AI solutions, according to the consultancy.
It's McKinsey's first tech product acquisition since it bought QuantumBlack in 2015. The AI arm will also absorb Iguazio's roughly 70 data scientists and AI experts.

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In December, McKinsey released its latest Global Survey on AI results, which found that half of business respondents said their organization had adopted AI in at least one area, up from 20% in 2017 (though down from 58% in 2019).
Additionally, the average number of AI tools, such as language generation, that respondents reported using rose to 3.8 in 2022, up from 1.9 in 2018.