The JV will be 60% owned by Accenture and 40% by Telstra, an Australian technology and telecommunications company.

Telstra and Accenture have proposed a joint venture (JV) to accelerate the former’s data and AI roadmap to further extend its network leadership, improve customer experience, and help its teams operate more efficiently and effectively.

Accenture’s (ACN) stock gained more than 1% in after-market trading on Wednesday following the announcement of a global artificial intelligence (AI) joint venture with Australian telecommunications giant Telstra.

The move may lead to further job losses for Telstra which last year announced plans to cut up to 2800 workers.

Telstra has announced a proposed AI joint venture (JV) with global consulting firm Accenture, in which Australia's largest telco would reportedly invest A$100 million a year over seven years for a total of A$700 million.

Telstra and Accenture have proposed a joint venture (JV) that will see the telecommunications provider ramp up its data and artificial intelligence (AI) roadmap. The JV will comprise a global leadership team that includes specialists from Telstra and Accenture’s data and AI teams,

Australian telco is forming an AI venture with global consultancyBoth companies will contribute staff and funding to the venture, which will be majority-owned