Analysys Mason today announced the acquisition of Modulai, a Sweden-based and leading Northern European AI and Machine Learning (ML) consultancy. The strategic rationale is accelerated growth for both Analysys Mason and Modulai due to its complementary capabilities and strong strategic fit.
The acquisition adds specialist technical AI, ML and agentic solutions capabilities to Analysys Mason that will unlock substantial value for its clients across technology-intensive industries, from strategy through to implementation. The transaction also provides Modulai with a platform for growth across Analysys Mason’s international footprint and client base, while new and integrated offerings will be launched.
Since Mark Billige joined Analysys Mason as the new CEO in November 2025, the company has continued to build on strong momentum. Organic growth of 19% in the previous financial year from March 2025 to February 2026 has accelerated further in the first half of the current financial year, and the acquisition is expected to contribute additional growth.
Commenting on the completion, Mark Billige, CEO at 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.”
This transaction reflects Analysys Mason’s continued investment in specialist technical expertise that complements its established strategy, transformation and transaction advisory work. AI and ML are becoming central to strategy, transaction and transformation decisions and implementation roadmaps. Organisations increasingly need partners that combine deep strategic, commercial and organisational insights with specialist technical expertise. This includes tailor-made machine learning and agentic solutions, together with buy and best-of-breed decisions while modernising the technology stack.
Commenting on this transaction, Fredrik Lind, Head of Europe at Analysys Mason and based in Sweden, said: “With Modulai now part of Analysys Mason, our clients have access to a proven specialist ML and agentic solution partner that delivers systems in full production across the whole company. This is the kind of capability all our clients are asking for, and it strengthens our ability to deliver lasting value across their most critical strategic, technology, transaction and transformation initiatives.”
Founded in 2018, Modulai has a team of around 35 experienced engineers with deep expertise in ML and agentic solutions development, including generative AI, computer vision, natural language processing, advanced recommender systems and robotics. The team develops customised ML and agentic solutions for start-ups, scale-ups, private-equity portfolio companies and Fortune 1000 organisations.
Josef Lindman Hörnlund, Co-founder and CEO at Modulai, comments: “We have built Modulai around technical excellence and real-world AI and ML delivery. As part of Analysys Mason, we can apply that expertise at a greater scale, alongside trusted advisers to businesses, investors and governments worldwide. The bottleneck for really getting the value out of AI is not only technology but organisational change and a bold strategy, something we now can deliver to our clients together.
Modulai alongside Analysys Mason’s existing teams, adding experienced ML engineers, AI architects and data scientists to the business. Together, the teams will be able to support clients with large-scale AI transformations, AI due diligence and the implementation of AI across a range of sectors, including telecoms, software, financial services, manufacturing and life sciences.
The transaction is supported by Analysys Mason’s existing investment partner Bridgepoint, which partnered with the company in 2022 via Bridgepoint Development Capital, a lower middle-market fund focused on supporting fast-growing businesses across Europe.