The investment is expected to unlock more than $12bn in revenue for KPMG. Credit: Karolis Kavolelis via Shutterstock.

Microsoft and accounting major KPMG have announced a multi-year partnership focused on cloud and artificial intelligence (AI).

Under the partnership, KPMG will make a multibillion-dollar investment in Microsoft’s cloud and AI services over the next five years.

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According to The Wall Street Journal, KPMG will invest $2bn in AI and cloud.

The investment is expected to unlock more than $12bn in revenue for the accounting firm, which will embed AI into its audit, tax and advisory services.

Microsoft chairman and CEO Satya Nadella said: “We have a real opportunity to apply this next generation of AI to help transform every industry, including professional services.

“Our expanded partnership with KPMG will bring together AI innovation across the Microsoft Cloud with KPMG’s tax, audit and advisory expertise to empower its employees and unlock insights for its customers.”

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The alliance will also provide 265,000 KPMG employees access to Microsoft Cloud and Azure OpenAI Service capabilities, enabling them to cater to the AI needs of clients, including over 2,500 joint clients of the companies.

KPMG International global chairman and CEO Bill Thomas said: “Our renewed and strengthened relationship with Microsoft is an exciting moment for our people and our clients. It will help harness the power of our multidisciplinary model by ensuring that our people always have the right expertise, skills, and tools to overcome challenges and provide the very best advice to clients.

“It will also help make KPMG a more agile and resilient business that continues to be an interesting and exciting place to work.”

Last month, Accenture said it will invest $3bn over the next three years to boost its data and AI practice.