Maryland Heights-based World Wide Technology said Tuesday it plans to invest more than $500 million on building out its artificial intelligence services over the next three years.
WWT, which provides technology products and services for large businesses and government entities, said the investment aims to strengthen its staff and technology to help customers incorporate artificial intelligence into their operations. WWT said the spending will enhance its existing Advanced Technology Center, which is designed to help customers rapidly build and implement new technologies.
Privately held WWT, led by CEO Jim Kavanaugh, is the St. Louis region's second-largest privately held company with $16.9 billion in annual revenue in 2022, up from $13.22 billion in 2021. It operates from 55 locations and as of November reported having 5,937 local and 10,559 total employees.
WWT will fund the investment itself over the next three years, a spokesperson said. Tim Denny, vice president of WWT's Advanced Technology Center, said the decision comes as the technology has taken on greater prominence in business operations, especially as Generative AI software like ChatGPT has been released.
WWT will launch a new AI lab it says will serve as an "AI providing ground" aimed at helping companies understand the technologies and network infrastructure needed to implement AI in their operations and tailor it to their business needs.