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European consulting agency BearingPoint has damaged by the €1 billion mark for the primary time. A second yr of double-digit development noticed its full-year revenues hit €1.017 billion over 2023.
Headquartered in Amsterdam, BearingPoint is a European administration and expertise consulting agency, which might hint its heritage again to the advisory work of the Massive 4. Initially created as a unit of KPMG Consulting within the early 2000s, 2009 noticed BearingPoint strike out for independence, through a administration buyout. Since then, one of many agency’s long-stated targets has been to determine its personal seat on the skilled companies sector’s high desk, by bringing in a yearly revenue of €1 billion.
Now, following two years of bumper development, the agency has lastly smashed by that barrier. In 2022, BearingPoint say its revenue boosted by 24% – the quickest because it gained independence – to hit €862 million. And for its newest monetary yr, the agency has proven that it saved up that double-digit growth by 2023, rising by 18% to hit €1.017 billion in annual revenues.
“2023 was a breakout yr for BearingPoint,” commented Kiumars Hamidian, BearingPoint’s international managing companion. “We reached our €1 billion in income goal, and we did it sustainably, with a wholesome development place. We proceed to see rising demand for our companies, particularly our transformation applications and IP-driven digital property. Rising demand is behind our increasing workforce, and we’ll proceed strategic acquisitions in 2024 as we broaden globally. I want to thank all our wonderful individuals and purchasers who made this success potential.”
Driving its hike in revenues, the agency noticed its bookings develop by 21% and delivered greater than 1,800 tasks in 32 nations. Particularly, it grew quickly within the massive markets of the US and China. Within the US alone, BearingPoint achieved a income development of 34%. With greater than 440 individuals and a powerful income development of 28%, the event of the merchandise enterprise unit was one other spotlight for BearingPoint.
To assist its development, BearingPoint elevated its workforce by 15% to greater than 6,000 workers on the finish of the yr. For 2024, BearingPoint plans to rent greater than 1,600 individuals because it accelerates its technique and continues to broaden globally – with development in markets such as Ireland, the US and China.
BearingPoint additionally accomplished 5 strategic acquisitions to boost and strengthen its portfolio. These included when it elevated its prowess in sustainability with the addition of Korkia, boosted its Salesforce experience with Smplicity, and strengthened its providing in asset-backed securities with the acquisition of TXS Securitization.
Within the coming 12 months, BearingPoint goals to outperform the broader consulting market once more, and speed up its technique execution additional, planning for a yr of double-digit natural income development. As well as, the consultancy sees extra strategic M&A actions and investments in creating its consulting and merchandise portfolio in 2024, particularly in focus areas similar to sustainability and in key geographies such because the US.
“As we glance in the direction of the longer term, BearingPoint is in a superb place to develop and broaden additional. We’re devoted to our values, empower individuals to succeed, and create lasting outcomes for our purchasers, society, and the planet,” added Hamidian.
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