Analysys Mason has acquired Swedish artificial intelligence (AI) and machine learning (ML) consultancy Modulai as it looks to expand its technical capabilities and support further growth.
The acquisition will add specialist AI, ML and agentic solutions expertise to Analysys Mason, complementing its existing strategy, transformation and transaction advisory services. Financial terms of the deal have not been disclosed.
Founded in 2018, Modulai has a team of around 35 engineers specialising in areas including generative AI, computer vision, natural language processing, recommender systems and robotics.
The Swedish consultancy works with start-ups, scale-ups, private equity-backed businesses and Fortune 1000 companies, developing customised machine learning and agentic solutions.
Modulai’s team will join Analysys Mason’s existing business, adding ML engineers, architects and data scientists. The combined teams will support clients with large-scale AI transformations, AI due diligence and AI implementation across sectors including telecoms, software, financial services, manufacturing and life sciences.
The acquisition also gives Modulai access to Analysys Mason’s international footprint and client base, with the companies planning to launch new and integrated offerings.
The deal comes as Analysys Mason continues to report growth under Mark Billinge, chief executive of Analysys Mason, who joined the business in November 2025. The consultancy recorded 19% organic growth in its financial year to February 2026, with growth accelerating further in the first half of its current financial year.
Mark Billige, chief executive officer, Analysys Mason, said: “We launched a new strategy and announced a new senior leadership team at the beginning of this year, and already now we see the results. One top priority, in addition to organic growth, was to complete the acquisition of the leading Northern European AI and ML consultancy Modulai, and we are thrilled to welcome them to the Analysys Mason family.”
