PwC US Announces Agreement to Acquire Surfaceink

Acquisition Will Strengthen Human-Led, Tech-Powered Offerings and Accelerate Business Model Reinvention

New York, NY, December 11, 2023 - PwC US has signed a definitive agreement to acquire substantially all of the assets of Surfaceink, a renowned product design, development, and engineering services firm specializing in consumer electronics and Internet of Things (IoT) initiatives.

This strategic acquisition aligns with PwC's global strategy – The New Equation – and its commitment to human-led, tech-powered solutions, expanding the firm's capability to help deliver full lifecycle development for Connected Physical Products. The addition of Surfaceink's expertise will enable PwC US to further strengthen its ability to help companies reinvent themselves, unlocking greater value and growth.

"With the acquisition of Surfaceink, PwC US is embarking on an exciting journey into the future, where companies need to consider how they serve customers and grow differently,” said Mohamed Kande, Vice Chair, US Consulting Solutions Co-Leader and Global Advisory Leader, PwC. "PwC US is making a clear statement that we're not just here to transform businesses, but to reinvent them holistically through a marriage of technology, engineering and industry experience and insights. We want to revolutionize how many of our clients connect with their customers – co-creating products and re-imagining experiences – as their trusted collaborator every step of the way."

Founded in 1999, Surfaceink has established itself as a trusted partner to Silicon Valley visionaries, Fortune 500 companies, mid-caps, and early-stage start-ups. The company's dedicated team brings deep expertise in design, hardware, software, and technical services, with a focus on creating holistic product solutions and exceptional user experiences. Surfaceink's client relationships and track record of pioneering innovation and success make them an ideal fit for PwC's growth strategy.

"We are thrilled to join forces with PwC and embark on this exciting new chapter," says Eric Bauswell, Founder and CEO of Surfaceink. "This acquisition will provide Surfaceink with the resources and capabilities to help our clients go beyond product innovation and into full company reinvention. Together with PwC, we can now combine our expertise and expanded offerings to accelerate the connected product journey and deliver innovative solutions at scale faster. This acquisition builds on our tremendous legacy in product design, development and engineering and reinforces our commitment to delivering exceptional value to our clients."

This proposed acquisition supports PwC's commitment to helping clients navigate near-term challenges while capitalizing on long-term megatrends. As highlighted in PwC's recent global CEO survey, approximately 40% of global CEOs express concerns about the economic viability of their organization's business model in the next decade.

Surfaceink's work with top Silicon Valley innovators and tech giants has helped companies to create new value propositions, enhance user experiences and unlock new revenue streams through the integration of connectivity and digital technologies. Its deep product design and prototyping capabilities, including specialized labs for acoustics, 3-D printing, and electronics, will help provide PwC clients with immediate design and build opportunities. This will enable clients to rapidly bring their ideas to life and test market viability, regardless of where they are in their reinvention journey.

The proposed acquisition builds on the firm's recent strategic acquisitions, demonstrating PwC's commitment to driving innovation and digital transformation both internally and for its clients. Previous acquisitions, such as Sagence, Netrovert, ACTS, and Eagle Dream, have reinforced PwC's focus on engineering, scalable solutions, advanced analytics, enhanced collaboration, and connectivity.

The proposed acquisition is subject to customary closing conditions and regulatory approvals. Financial terms of the agreement were not disclosed.