Accenture (ACN)

IT consulting + system integration services — implements others software (SAP/cloud/AI), not a product

AI exposure 10% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Enterprise & Business Software · figures rebased to FQ3 FY2026, reported 2026-06-18

Strategy + technology consulting + system integration (cloud/AI/SAP/Salesforce implementation) leads 2 businesses in this sub-tier that together are 100% of revenue, so Enterprise & Business Software is effectively the whole company rather than one leg of it.

Reported segments

Consulting — 50% of revenue
Managed Services — 50% of revenue

Accenture ($18.7B Q3 FY2026, +6% with EPS +9%). Consulting 50% ($9.3B, +1% local currency) = primary B5 Enterprise & Business Software; Managed Services 50% ($9.4B, +5%) — now the larger and faster half. Generative-AI implementation is the fastest-growing book inside both.

How the 10% is built

Consulting — 50% of revenue × 12% AI-driven (disclosed). Generative-AI advisory and implementation is the fastest-growing book within an otherwise flat consulting business
Managed Services — 50% of revenue × 8% AI-driven (disclosed). Outsourcing and application management, where AI shows up as delivery efficiency rather than as a sold product

Investment read

Moat. Global consulting and system-integration scale plus incumbent delivery relationships — the partner enterprises hire to implement cloud, SAP and AI. But the demand signal has turned: Q3 FY26 bookings fell 2% YoY and 13% sequentially with managed-services book-to-bill below 1.0x, and management raised FY26 M&A spend to ~$9B (including $4.18B for OT cybersecurity) to buy growth the organic pipeline is not producing.

Bottleneck / pricing power. Moderate pricing power — relationships, scale and delivery, priced into a competitive day-rate market. AI work carries a premium but not scarcity, and a roughly 1-point federal drag was enough to force a guidance cut to 3-4% local-currency growth.

Role in the AI stack. The IT-consulting + AI-implementation layer — AI is demand + threat.

Connected companies

Microsoft (MSFT) — ACN supplies: Azure/Copilot implementation at scale via 25-yr alliance + Avanade JV (Microsoft's top SI partner)
NVIDIA (NVDA) — ACN supplies: Accenture NVIDIA Business Group: enterprise AI deployment/integration services built on NVIDIA AI stack
IBM (IBM) — ACN competes with: IT consulting / systems integration rivalry — Accenture vs IBM Consulting
Salesforce (CRM) — ACN supplies: implements Salesforce for enterprise clients (SI partner)
SAP SE (SAP) — ACN supplies: implements SAP for enterprise clients
EPAM Systems (EPAM) — ACN competes with: IT services — EPAM (digital engineering/the build) vs Accenture (broad consulting)

Others in Enterprise & Business Software

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