Our roots go back over 100 years to the early days of two big names in professional services: Arthur Andersen and KPMG.
In 1913 Arthur Andersen started his own accounting firm in Chicago. Over the decades that followed, Arthur Andersen grew not only its accounting business but also, from the 1970s onwards, its consulting services. By the early 1990s, Arthur Andersen was the largest management consulting firm in the world.
In parallel, KPMG was developing its consulting business. In 2000 KPMG spun off some of its consulting units as KPMG Consulting Inc. and in 2001 KPMG Consulting Inc went public on the NASDAQ. The company began a rapid global expansion – acquiring a majority of Arthur Andersen’s business consulting practices in 2002. The same year, the company changed its name to BearingPoint Inc. and moved onto the NYSE.
Rapid growth continued but ultimately ended in financial difficulties culminating in BearingPoint Inc. filing for Chapter 11 for their US operations in 2009. This tough time nevertheless created a decisive moment for the European leaders in the firm – the moment they seized to execute a Management Buy Out (MBO) and create the independent BearingPoint partnership we are proud to be part of today.
In August 2009, our founding partners sealed the deal that set us on our way as an independent firm of management and technology consultants wholeheartedly committed to the long-term success of our clients and our partnership.
We had a strong foundation for our MBO. Many of us were working together at the European arm of the former BearingPoint Inc. These roots in consulting’s major players have added to our strengths and distinctive character.
We were a newly independent firm with a long history and understanding of how to deliver quality, serve clients and operate efficiently. Between us we had a deep pool of diverse experience and expertise, a real understanding of what to do and what not to do to succeed. In essence, we were an established start-up. From day one we have been able to draw on this great heritage in consulting – taking the best with us forward on our journey of excellence.
The beating heart and soul of our firm, our brand, our values and our core purpose – who we are, what we believe in and why we’re here – the stuff that never changes in our ever changing world, was honed in those intense early days.
Following the MBO, we set new sails and opened offices in China, the Czech Republic, Italy, Portugal, Romania, Singapore, the UAE and the US as part of our strategy of expanding our reach across the G-20 countries and globally. To this end, we also formed strategic alliances with West Monroe Partners in North America, Grupo ASSA in South America and ABeam in Asia.
We have strengthened strategic priorities with a series of targeted acquisitions, among them UK-based LCP Consulting, the leading international specialist consultancy in customer-driven supply chain management, Magenta, a leading digital management consultancy in the Nordics, UK-based operational performance consultancy Trinity Horne, and German-based risk management and reporting specialist RiValue. In addition, we established a roadmap for growth that led to the reorganization of the firm and the creation of three synergetic pillars: Consulting (with the Service Lines Digital & Strategy, Finance & Regulatory, Operations, and IT Advisory), Solutions, and Ventures. We connected our offerings with our Go Digital initiative and increased innovation to start-up speed for clients. We have continued to invest heavily in developing all three pillars so that our offerings maintain their market differentiation.
Solutions is organized into three product lines: Regulatory Technology (RegTech), Digital Transformation and Advanced Analytics. RegTech, with its Abacus Solution Suite, has seen rapid international expansion within and beyond Europe. To grow our advanced analytics offering, we acquired a major stake in business analytics software HyperCube in 2012. Digital Transformation combines consulting with the award-winning Infonova R6 software serving both traditional telecoms but also the rapidly expanding cross-industry market for digital services leveraging platform-based business models, termed digital ecosystem management (DEM). In 2017, Infonova was brought under the BearingPoint brand.
To explore more about our true partnership, core purpose, brand promise, culture, and much more, please visit http://ourjourney.bearingpoint.com.