Projective breaks 500 employees mark with Enigma Consulting deal

Belgium-headquartered financial services consulting group Projective has hit a milestone, breaking through the 500 employees mark following the acquisition of Netherlands-based Enigma Consulting.

Within six months of acquiring management consultancy Mastermind, Projective has struck again in the Dutch market with the bolt-on of Enigma Consulting, a consultancy specialised in payments, risk management, fintech innovation and compliance experts.

The deal sees Enigma Consulting’s 40-strong team join Projective’s now 500-plus team, and continue to operate under its own name and in close co-operation with Projective’s other brands.

Throughout its 25-year history, Enigma Consulting has grown into one of the leading Dutch consultancies specialised in its field. The firm works with banks and insurance companies on topics including business analysis, selection of payment solutions and programme management, and has over the years played a large role in the transition towards digital payments.

In the corporate sector, Enigma Consulting helps clients with the selection and implementation of payment hubs and treasury management systems. The consultancy also supports fintechs and financial services start-ups with compliance and attaining PSD2 licenses.

Stefan Dierckx, CEO, of Projective, said: “Through our enhanced offering with Enigma, we can now better address the ever-changing payments landscape of our clients, including (payments) regulation and compliance.”

Meanwhile, for Enigma Consulting, the move provides opportunities for both its clients and employees, said Managing Director Paul Jans. “Our clients will now have access to a wider range of expertise to address the evolving challenges of the payments and financial industries and our colleagues will have new chances to realise personal growth and work on international assignments.”

A full-range player

Projective aims to become an end-to-end professional services firm to financial institutions. The group’s employees work across the Projective (project delivery and change), DTSQUARED (data science), Mastermind (management consulting), Exellys (tech-talent incubator) and Enigma (payments and compliance consulting) labels.

With this acquisition, the group increases its annual turnover to €80 million. “We’re continuing a period of accelerated growth as we expand our portfolio of services to cover all aspects of transformation within the financial services sector,” said Dierckx.

By the end of next year, the firm plans to surpass the €100 million mark. “We’re planning to close one more acquisition this year,” unveiled the chief executive officer.

Projective has offices in Brussels, Amsterdam, Frankfurt, Paris and London. The group is backed by financial sponsor Gimv.