BearingPoint books 8th consecutive year of growth since buyout

11 March 2019 Consultancy.eu

BearingPoint has booked its eighth consecutive year of growth since gaining independence, lifting its global revenues to a record €739 million.

“I am proud that we were able to continue our path of sustainable and profitable growth in 2018 and reached the highest revenue ever,” said Kiumars Hamidian, who took over the reins at the management and technology consultancy in September last year.

Underpinning the firm’s 4% growth, BearingPoint made over 1,100 new hires in 2018, lifting its headcount to over 4,500 employees. The partnership was enlarged with the appointment of 21 new admissions, of which 14 were promoted internally, and 7 recruited externally. “This demonstrates our attractiveness as employer of choice for top talent and confirms our commitment to the model of an independent partnership fully focused on client service,” said the firm’s boss in a press statement.

Western Europe was BearingPoint’s powerhouse region for growth last year. The regions France and Benelux (Netherlands, Belgium and Luxembourg) and the United Kingdom & Ireland booked growth “far above the market average”, said Hamidian. While not disclosing exact numbers, according to the latest data available, UK’s consulting industry on average grew by just over 5% last year, France saw its advisory market accelerate to over 6% growth, while the Benelux recorded growth of around 4%. Revenues of BearingPoint In the latter region, the consultancy last year launched an office in Luxembourg, where it has been supporting clients since the turn of the century, and acquired Belgian firm Inpuls, a data specialist, doubling its size in the country. In the largest of the three markets, the Netherlands, BearingPoint grew its team to over 60 consultants.

Founded in 2009 in its current form, BearingPoint’s roots go back over 100 years to the early days of two of the biggest names in professional services: Arthur Andersen, founded in 1913, and KPMG, founded in 1987. Following a 2001 spin-off of KPMG Consulting from its Big Four parent KPMG, the BearingPoint brand entered the stage, and after the firm buckled to financial difficulties in North America in 2009, the then successful European division decided to complete a management buyout.

Under the leadership of Peter Mockler, who passed on the baton to Hamidian, the renewed BearingPoint has been a remarkable success story since, growing its revenues from €441 million back then to today’s €739 million. The firm now has offices in 19 European countries, with locales in Casablanca and Dubai used to serve the Africa and Middle East markets. Outside EMEA, BearingPoint has offices in Asia and the US, and to cover other regions, it works with strategic partners: West Monroe Partners in North America, Grupo ASSA in South America, and ABeam Consulting in Asia.

Organised across three divisions, consulting last year recorded 6% growth, while the software solutions business grew slightly slower than in previous years. The ventures arm continued its expansion, investing in Insignary, an Asian start-up that develops open source software security and compliance. Two years ago the venture capital unit took a stake in Norwegian insurance technology start-up Tribe.

Looking ahead, Hamidian said that the firm is well on track to deliver on its long-term strategy. “The execution of this strategy will allow for more success and further growth in the upcoming years,” he commented, highlighting markets, portfolio and people as the key pillars.