BrazilBearingPoint records fastest growth since its return to independence
Global management and technology consulting firm BearingPoint has booked its fastest growth since its return to independence, with 2022 revenue up by 24% to €862 million, as the firm continues its march towards its long-term objective of joining the consulting world’s illustrious €1+ billion club.
Despite economic and geopolitical headwinds, “2022 was an outstanding year for BearingPoint,” said the company’s managing partner, Kiumars Hamidian. In fact, it was the firm’s best year of growth since its 2008 buy-out and independent relaunch.
According to the firm’s annual report, the growth was fuelled by expansion across all three business units (Consulting, Products, Capital), industry verticals, and geographies. Headcount grew by 23% to over 5,000 staff – including its international roster of partners BearingPoint has a global network of more than 13,000 people.
In Consulting, growth was driven by strong demand for digital transformation services, an offering which BearingPoint serves end-to-end from strategy (digital strategy) through to technology build (spanning 30+ technology platforms, with a strategic focus on SAP, AWS, Microsoft and Salesforce) and implementation.
Consulting revenue was also lifted by the bolt-on of two consultancies: I Care (a sustainability consultancy with 80 staff) and Levo Consultants (a financial services consultancy with 40 staff). Both deals closed in France and bolstered BearingPoint’s sustainability and ESG offerings.
Meanwhile, last week BearingPoint closed another sustainability-focused deal, although the Korkia team-hire in Finland will be consolidated into the 2023 financial year.
The Capital business unit is BearingPoint’s M&A advisory wing, providing counsel to both corporates and private equity funds across their deal lifecycles. The unit also oversees BearingPoint’s own investment portfolio, with the firm holding venturing stakes in businesses and start-ups.
The Products business, which provides solutions and managed services for business processes, saw its portfolio of solutions expand to over 20 products in 2022, and its headcount eclipse the 300-mark. Revenues jumped by 25%, lifted in part by the purchase of disphere tech.
2022 also saw BearingPoint establish its first joint venture, Arcwide. The joint venture with IFS is dedicated to consulting and technology services for the IFS Cloud solution. In August, the two companies put more weight to their ambitions with the acquisition of Fekra, an IFS partner with offices in four countries across Europe and North Africa.
Across the board, BearingPoint last year delivered over 1,400 projects for clients in 40+ countries around the globe.
The next step
“In 2023 we want to build on the achievements of 2022, continue to accelerate our strategic ambitions, and target €1 billion in revenue,” said Hamidian, adding that acquisitions will remain “an important part of our strategy execution.”
To support its ambitions, BearingPoint plans to invest approximately €300 million in the coming four years, primarily on M&A activities and investments in its consulting and products portfolio.
