Conclusion doubles down in Portugal with record Neotalent deal

13 October 2023 2 min. read

Hot on the heels of its entry into the Portuguese market, Conclusion has fast-tracked its growth with the acquisition of Neotalent.

Headquartered in the Netherlands, Conclusion is a business consulting and IT services company with over 2,500 staff. The firm, founded over 25 years ago, has established itself as a leader in its home market, but with the backing of investor NPM Capital, the group is increasingly seeking to mirror its domestic success in foreign markets.

Early 2023, Conclusion announced it had freed up capital to fund its expansion into international markets, with Neotalent now the second acquisition in Portugal. Coming just two weeks after the purchase of Score Consulting, Neotalent is the largest deal in Conclusion’s history.

“This is a really big step for Conclusion. By welcoming Neotalent into our ecosystem, we have reached the critical mass needed for an effective nearshore capability,” said Conclusion’s CEO, Engbert Verkoren.

Neotalent is headquartered in Lisbon and has further offices in Porto and Madrid. The firm provides consulting, delivery and IT staffing services in areas such as application services, cloud, data, and software engineering. The company also has a managed services business that provides nearshore support to clients in Portugal and Spain.

In its search for a partner in Portugal, Verkoren said that Conclusion was impressed by “Neotalent’s successful track record at clients and its ability to attract talent in a competitive labour market.”

Conclusion has acquired 95% of the shares of Neotalent for €49.4 million from investor Novabase. That amount can rise with nearly €1 million if Neotalent hits certain targets in the coming years.

The deal lifts Conclusion’s headcount to more than 3.300 professionals in the Netherlands, South Africa, and Portugal.

Operating under the wings of Conclusion, Neotalent aims to grow into a fullservice IT services firm. “This deal accelerates Novabase’s growth strategy, we see a great opportunity to combine our expertise and develop a leading player in the IT services segment,” said Célia Vieira, director of Neotalent.

Álvaro José Ferreira, executive director at Novabase, added, “At the same time, by integrating into the Conclusion ecosystem, Neotalent will be able to continue to operate autonomously, maintaining its unique identity and culture.”