Analysys Mason acquires Modulai, a Sweden-based leading Northern European AI and ML consultancy

London, UK

Analysys Mason today announced the acquisition of Modulai, a Sweden-based and leading Northern European AI and machine learning (ML) consultancy. The strategic rationale is accelerated growth for both Analysys Mason and Modulai due to their complementary capabilities and strong strategic fit.

The acquisition adds specialist technical AI, ML and agentic solutions capabilities to Analysys Mason that will unlock substantial value for its clients across technology-intensive industries, from strategy through to implementation. The transaction also provides Modulai with a platform for growth across Analysys Mason’s international footprint and client base, while new and integrated offerings will be launched.

Since Mark Billige joined Analysys Mason as the new CEO in November 2025, the company has continued to build on strong momentum. Organic growth of 19% in the previous financial year from March 2025 to February 2026 has accelerated further in the first half of the current financial year, and the acquisition is expected to contribute additional growth. 

Commenting on the completion, Mark Billige, CEO at Analysys Mason, said: “We launched a new strategy and announced a new senior leadership team at the beginning of this year, and already now we see the results. One top priority, in addition to organic growth, was to complete the acquisition of the leading Northern European AI and ML consultancy Modulai, and we are thrilled to welcome them to the Analysys Mason family.” 

This transaction reflects Analysys Mason’s continued investment in specialist technical expertise that complements its established strategy, transformation and transaction advisory work. AI and ML are becoming central to strategy, transaction and transformation decisions and implementation roadmaps. Organisations increasingly need partners that combine deep strategic, commercial and organisational insights with specialist technical expertise. This includes tailor-made ML and agentic solutions, together with buy and best-of-breed decisions while modernising the technology stack. 

Commenting on this transaction, Fredrik Lind, Head of Europe at Analysys Mason and based in Sweden, said: “With Modulai now part of Analysys Mason, our clients have access to a proven specialist ML and agentic solution partner that delivers systems in full production across the whole company. This is the kind of capability all our clients are asking for, and it strengthens our ability to deliver lasting value across their most critical strategic, technology, transaction and transformation initiatives.”

Founded in 2018, Modulai has a team of around 35 experienced engineers with deep expertise in ML and agentic solutions development, including generative AI, computer vision, natural language processing, advanced recommender systems and robotics. The team develops customised ML and agentic solutions for start-ups, scale-ups, private-equity portfolio companies and Fortune 1000 organisations.

Josef Lindman Hörnlund, Co-founder and CEO at Modulai, comments: “We have built Modulai around technical excellence and real-world AI and ML delivery. As part of Analysys Mason, we can apply that expertise at a greater scale, alongside trusted advisers to businesses, investors and governments worldwide. The bottleneck for really getting the value out of AI is not only technology but organisational change and a bold strategy, something we now can deliver to our clients together.” 

Modulai will work alongside Analysys Mason’s existing teams, adding experienced ML engineers, AI architects and data scientists to the business. Together, the teams will be able to support clients with large-scale AI transformations, AI due diligence and the implementation of AI across a range of sectors, including telecoms, software, financial services, manufacturing and life sciences.

Media contact

Karin Duke-Roedler, Marketing Director
Karin.Duke-Roedler@analysysmason.com
Phone: +44 7966 996608

About Analysys Mason

Analysys Mason is the leading specialist consultancy, creating lasting value for clients in technology-intensive industries, including telecoms, digital infrastructure, software, IT services, space, defence, manufacturing and logistics. Established in 1985 as a pioneer in telecoms research and advisory, the firm built its reputation on deep analytical insight and advanced economic modelling. Over more than four decades, Analysys Mason has evolved into a trusted adviser to businesses, investors and governments worldwide. Our experts deliver high-impact results and transformative change across our clients’ most critical strategic, regulatory, technology, transaction and transformation initiatives.

About Modulai

Modulai is a Swedish AI and machine learning engineering company founded in 2018. We combine machine learning research with software engineering to build and deploy advanced AI systems that create substantial business value fast. Our team brings experience from fast-paced start-ups with an entrepreneurial approach focused on building industry leading ML or agentic systems in full production. The company specialises in agentic workflows, computer vision, natural language processing, machine learning and robotics.  We work forward deployed, as a combined team, with start-ups, scale-ups, private-equity owned portfolio companies and Fortune 1000 organisations.