Telstra and Accenture agree $700m global AI joint venture
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The news: Telstra and Accenture have agreed to a proposed joint venture to accelerate Telstra's data and artificial intelligence roadmap.
The numbers: Telstra will invest $100 million a year over a proposed seven-year joint venture, subject to consultation with the telco's employees and unions.
The partnership would see Telstra consolidate vendor support from 18 data and AI providers and partners down to two joint ventures — the previously announced agreement with Quantium in 2022, and the proposed joint venture with Accenture.
Accenture would own 60% of the joint venture, with Telstra owning the remaining 40% and retaining control over its data and AI strategy roadmap.
The context: The joint venture would comprise specialists from Telstra and Accenture's data and AI teams to improve business processes through new capabilities like agentic AI. It would also build specialised AI tools to support teams to work more efficiently and help build data and AI knowledge across Telstra's workforce.
What they said: "Our strategic partnership with Microsoft and our joint venture with Quantium have been critical enablers in our AI journey so far, and this joint venture with Accenture will propel us into the next phase of our AI evolution," said Telstra CEO Vicki Brady.
Accenture chair and CEO Julie Sweet said: "We are proud of our long-standing collaboration with a visionary leader like Telstra, and committed to accelerating its bold AI fuelled business strategy, which will set new standards for the telecom industry".
"We are also excited about combining our experience, talent and capabilities with Telstra's to drive innovation and value for Telstra's customers, people, and shareholders today and in the future," she said.
The source: Telstra and Accenture media release
