PwC acquires a stake in Westphalia DataLab

The consulting firm buys almost 20 percent of the shares. PwC wants to offer predictive data analysis.

The auditing and consulting firm PwC Germany is acquiring a stake of just under 20 percent in Münster-based Westphalia DataLab. A purchase price was not disclosed.

Founded in Münster in 2017, the AI start-up offers scalable data science software products for companies and helps them to develop data-driven business models. The predictions are up to 94 percent accurate. The software enables fashion companies or retailers, for example, to plan their goods procurement more accurately and with greater foresight, as well as freight forwarders to plan the routes of their trucks. "It has long been standard practice for companies to collect data. The challenge is to really use this data effectively," says Ulrich Störk, CEO of PwC Germany. "It is precisely this benefit that we will be able to generate even better in the future by participating in the Westphalia DataLab. Thanks to the technical and methodological expertise of the WDL and our comprehensive industry knowledge, we provide our clients with insights into previously undiscovered correlations within their data. In this way, we create trustworthy predictions for business decisions that our clients can rely on."

Westphalia DataLab and PwC now want to offer customers predictive analysis. AI software is used to make predictions and forecasts that can reduce risks, optimize processes and increase sales. PwC Germany hopes to be able to offer even more targeted forecasts based on pre-trained algorithms in the future. The joint offerings are aimed at the retail, industrial manufacturing and logistics sectors. There is also a focus on SMEs.