Business

ICAEW increases investment in Engine B

The ICAEW has announced it has increased its investment in the AI and digitsation data platform Engine B, raising its total stake to 10%.

The chartered accountancy body will also join the Engine B board to “ensure the needs of the accountancy profession, particularly large and medium-sized audit firms, are represented”. 

Engine B is a single-source data platform that was founded in 2019 by Shamus Rae, former head of digital disruption at KPMG. 

It provides a standard-access methodology to client data with three guiding principles: Open Source wherever possible; client data remains with the client; industry intellectual property is used to create intelligent data.

The Engine B consortium includes 10 professional services firms, four academic institutions and one technology house. 

It extracts key intellectual property, which goes into the Engine B platform to accelerate current and next-generation services, and to support firms and companies in advancing their own digital growth.

 Sharron Gunn, executive director for members and shared services at ICAEW, said: “Engine B is an exciting cross-industry initiative which will transform corporate transactions and access to data, and we are pleased to be playing an integral role. 

“Our members work in the public interest to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably. Engine B will support and enable our 154,000 members around the world to thrive in a digital economy.”

Shamus Rae, founder and CEO of Engine B said: “We are hugely excited about deepening our involvement with ICAEW. Its involvement to date has been invaluable and we look forward to forging ahead and co-creating solutions that will positively disrupt and transform financial services.”

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