MasterCard's professional services arm has acquired a stake in analytics firm Mu Sigma, aiming at reaping the benefits of the growing big data services market.
Following the investment, the MasterCard Advisors division plans to develop analytics products for its clients across a number of vertical markets, combining its customer transaction data insights with the advanced analytics expertise provided by Mu Sigma. Terms of the deal with Mu Sigma, which is headquartered in Chicago, were not disclosed.
MasterCard said that it wants to gain a slice of the big data analytics market, which it highlights is valued at $5 billion (£3.1 billion), and set to grow to $50 billion (£31.6 billion) in the next five years.
As part of the deal MasterCard will gain access to Mu Sigma's 2,500 advanced analytics staff, with the credit card firm noting industry concerns over access to highly skilled big data staff.
"The data analytics market is rapidly growing as customers seek real time insight allowing them to better connect with their consumers through highly relevant products, offers and services," said Gary Kearns, executive vice president, Information Services for MasterCard Advisors. "By combining MasterCard Advisors' purchase behaviour insights with Mu Sigma's expertise we will be able to drive faster innovations in data analytics solutions and deliver them on a broader scale, globally."
Dhiraj Rajaram, CEO of Mu Sigma, said big data analytics is growing at a "tremendous pace".
"We believe the combination of MasterCard's deep data and information insights expertise when exposed to Mu Sigma's Big Data analytics ecosystem will add tremendous value to various businesses."