KPMG acquires stake in Chelsea Apps Factory

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One of Britain’s biggest professional services firms has acquired a 10 per cent stake in a start-up smartphone app developer in exchange for giving the company access to the firm’s blue-chip clients. KPMG will use Chelsea Apps Factory as its apps supplier but will not pay the company for its 10 per cent share. It said that the partnership with Chelsea, which has created 100 mobile apps since it was set up three years ago, would be the first of many in its new Digital Innovation Network. Simon Collins, UK chairman of KPMG, said that there was “huge appetite” among some of his firm’s largest clients to draw on the experience of small technology companies. Its stake in Chelsea could grow depending on how much…

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