PwC to acquire product design firm Surfaceink

Big Four firm PwC announced that it has signed a definitive agreement to acquire substantially all of the assets of product design, development and engineering firm Surfaceink, which specializes in consumer electronics and Internet of Things initiatives.

The company's 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. Clients with ideas will be able to work with professionals to implement the technology and test market viability.

The acquisition is being made in the interests of PwC's global strategy, "The New Equation," which emphasizes human-led tech-powered solutions that expand the firm's capability to deliver full lifecycle development for connected physical products.

Founded in 1999, Surfaceink has produced things like medical devices, smart lamps, video game systems, smart rings, dripless glassware, fitness trackers, cameras, tablets and more. Based in San Jose, California, It has worked with companies like Amazon, Apple, Broadcom, Cisco, Dell, Dolby, Fitbit, Google, HP, Intel, Microsoft, Motorola, Netgear, Nikon, NVIDIA, Oculus, Pepsi, Plantronics, Qualcomm, Tesla and many more. It has delivered about $200 billion of products to market.

"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 and U.S. consulting solutions co-leader and global advisory leader (who is also slated to become global chair of the firm in July 2024), in a statement. "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."

The latest news follows other recent acquisitions that demonstrate PwC's movements toward digital transformation, such as Sagence, Netrovert, ACTS, and Eagle Dream, which have reinforced the firm'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.