BearingPoint surpasses €1 billion full-year revenue target

• Double-digit growth in revenues and bookings
• Five acquisitions and new hires support global expansion
• More than 1,600 new hires planned for 2024
• AI and sustainability drivers of growth

Amsterdam, February 6, 2024 – Management and technology consultancy BearingPoint reports full-year revenues of €1.017 billion for 2023, a jump in year-on-year growth of 18%. The firm saw its bookings grow by 21% and delivered more than 1,800 projects in 32 countries. To support its growth, BearingPoint increased its workforce by 15% to more than 6,000 employees at the end of the year. For 2024, BearingPoint plans to hire more than 1,600 people as it accelerates its strategy and continues to expand globally.

2023 was a breakout year for BearingPoint. We reached our €1 billion in revenue target, and we did it sustainably, with a healthy growth position. We continue to see increasing demand for our services, especially our transformation programs and IP-driven digital assets. Growing demand is behind our expanding workforce, and we will continue strategic acquisitions in 2024 as we expand globally. I would like to thank all our amazing people and clients who made this success possible.

Kiumars Hamidian, Managing Partner of BearingPoint

Strategic acquisitions and global expansion

In 2023, BearingPoint completed five strategic acquisitions to enhance and strengthen its portfolio, particularly in the areas of sustainability (Korkia), Salesforce expertise (Smplicity), asset-backed securities (ABS) (TXS Securitization), and end-to-end services for IFS software and solutions through Arcwide, the joint venture of BearingPoint and IFS (bytics Group and Cedar Bay).

BearingPoint’s record hiring in 2023 was also due to expanding its expertise and services globally, especially in the US and China. In the US alone, BearingPoint achieved a revenue growth of 34%.

With more than 440 people and a strong revenue growth of 28%, the development of the Products business unit was another highlight for BearingPoint.

BearingPoint UK contributed to the record revenue growth

BearingPoint UK, with its main office in London, contributed to the organisation’s record revenue growth in 2023, especially in Consulting and Products. BearingPoint expanded its capabilities for clients with London-based specialist Salesforce consulting company, Smplicity, successfully integrated into the exciting UK Salesforce team. Arcwide also expanded its capabilities for clients with the acquisition of Cedar Bay, the first IFS Platinum Channel Partner in the UK with almost two decades of experience implementing large-scale ERP solutions.

Tony Farnfield, Partner and UK country leader at BearingPoint, commented: “I am delighted to report that as BearingPoint we have now reached one of our key goals of becoming a €1bn company, our incremental growth over the past 15 years has allowed us to better serve our clients, people and communities with extended capabilities and solutions across our UK, European and Global footprint.”

BearingPoint UK delivered impactful transformation projects for clients including work with retailer Currys, improving customer service and reducing the cost of aftersales. BearingPoint also helped them develop a single business architecture model to unify acquired areas of the business. “Our expertise and IP are helping to transform companies and services across the UK,” said Tony Farnfield. “It was another year of expanding our capabilities and delivering more for clients, and I look forward to more innovation as we continue to grow our presence.”

Continued investment in innovation, artificial intelligence and sustainability

BearingPoint continued to invest heavily in its innovative products and services and launched a generative AI hub, paving the way for businesses to unlock the transformative power of artificial intelligence. As one of the first consultancies BearingPoint published an ethical statement on the sustainable and responsible use of AI in cooperation with clients. The consultancy also set up an AI business task force early in 2023 and developed over 250 use cases last year. BearingPoint is delivering innovative solutions for its clients, including implementing a global GenAI vision for a top retail chain, creating an AI banking avatar for a large international bank, simplifying daily police work with an AI for a police department, and automating the creation of annual reports for an NGO.

BearingPoint has also supported many clients on their sustainability and decarbonization journeys, through integrated sustainability advisory and products as well as launching innovative new services including the BearingPoint Sustainability Maturity Assessment, the ESG Data Hub and the I Care Academy. BearingPoint has provided clients with streamlined ESG reporting support and enhanced sustainability transformation programs. Moreover, the firm invested more than 1,000 consulting days in CSR activities and ran numerous Climate Fresk workshops throughout the year.

People development is a top priority

In 2023, BearingPoint appointed 27 new Partners to the firm and promoted 1,398 people, the largest-ever cohort, reflecting the strength of the organization and its confidence in the future. BearingPoint made record investments in learning and people development and delivered an all-time-high of 260,000 training hours. BearingPoint provides a range of programs, such as Be.Oxford Academy, Be.School, Female Leadership, and the Yale Leadership Program. Over 2,200 people participated in these programs in 2023, a year which saw BearingPoint also open its Be.Campus in Brussels, where the firm will deliver even more trainings in 2024.

2024 – Strategy acceleration continues

In 2024, BearingPoint wants to outperform the market again and accelerate its strategy execution further, planing a double-digit organic revenue growth. In addition, the consultancy sees more strategic M&A activities and investments in developing its consulting and products portfolio in 2024, especially in focus areas such as sustainability and in key geographies such as the US. BearingPoint also said its joint venture Arcwide will continue to expand to become the IFS delivery partner of choice for enterprise organizations worldwide.

As we look towards the future, BearingPoint is in an excellent position to grow and expand further. We are faithful to our values, empower people to succeed, and create lasting outcomes for our clients, society, and the planet.

Kiumars Hamidian, Managing Partner of BearingPoint

About BearingPoint

BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: Consulting, Products, and Capital. Consulting covers the advisory business with a clear focus on selected business areas. Products provides IP-driven digital assets and managed services for business-critical processes. Capital delivers M&A and transaction services.

BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 70 countries, engaging with them to achieve measurable and sustainable success.

For more information, please visit:

• www.bearingpoint.com
• www.linkedin.com/company/bearingpoint
• @BearingPoint