Press Release: vector8 acquires wefox AI team and capability in Paris
Basel, August 6th, 2024 - vector8, the rapidly growing international AI transformation company, announces the acquisition of innovative insurtech business, wefox’s Paris-based in-house AI team. With this strategic acquisition, vector8 bolsters its data and AI capabilities and deepens its insurance expertise through both people and insurance specific accelerators and intellectual property. It also helps vector8 establish an AI Centre of Excellence in France, a hotbed for AI innovation in Europe.
Wefox has been driving the digital transformation of the insurance industry across Europe since 2015. The acquisition of its French AI team represents a significant achievement for vector8, which benefits from wefox’s investment in great talent, cutting edge technology capabilities and industry leading AI solutions.
Launched earlier this year, vector8 is rapidly expanding its geographic and capability footprint. Its mission is to elevate organizations by unlocking the true value of AI and getting the best from human x machine collaboration. This means helping clients invest in the right strategy and technology stack to reap the benefits of AI technology while reducing risk. The vector8 approach is highly verticalized, combining AI skills and technologies with deep industry expertise to create value. This acquisition further underlines this approach, bolstering the businesses broader capabilities while providing deep insurance insight and expertise.
As well as the team, the acquisition comes with a number of pre-built solutions and accelerators developed specifically for the insurance industry. This will enable future vector8 clients to gain competitive advantage with a faster time to market.
We are all very excited by the prospect of being part of vector8. Their innovative approach and ambition for the business is genuinely inspiring. We are looking forward to the prospect of building innovative AI solutions for clients across Europe and across verticals. We’re excited to see some of the solutions we have already developed being implemented at scale within the insurance industry.
Gilles Mazars, who is leading the former wefox AI Team that transitions to vector8
We are incredibly proud to have secured such a strong team to bolster our AI capability and enable us to bring even more value to our clients, particularly those in the insurance industry. We have big plans for the future and Gilles and his team will form a big part of that, helping us establish an AI Centre of Excellence in Paris.
Christoph Thommen, Group COO at vector8
vector8 is a Swiss rooted international data and AI transformation partner. Our mission is to help ambitious enterprises cut through the AI noise and harness the power of human/machine collaboration to deliver tangible and scalable business value.
Our approach is founded on combining deep vertical knowledge with cutting-edge technologies and expertise to drive growth and productivity gains for present and future industry leaders.
We are based in Switzerland, France and UK, operating across Europe with our AI center of excellence in Skopje, North Macedonia.
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