Elixirr acquires US technology and data consultancy iOLAP

18 March 2022 Consultancy.uk 3 min. read
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Consulting firm Elixirr has acquired US-based technology and data consultancy iOLAP. The move is Elixirr's third acquisition since it went public – and the first in the US.

Founded in 2009, Elixirr is a management consultancy aiming to challenge larger advisory brands with innovative and bespoke solutions to its growing, global client base.

The acquisition of iOLAP is the firm’s fourth since its inception, and by far its largest, with around 250 employees joining its ranks for a total consideration payable of $40 million.

Elixirr acquires US technology and data consultancy iOLAP

iOLAP (revenue: $22.3 million in 2021) is a Texas-based provider of technology solutions, delivering data expertise that brings efficiency, security, and scale to clients. Its capabilities range from data science and advanced analytics to modern application development and the adoption of emerging technologies such as artificial intelligence and machine learning.

Elixirr and iOLAP have already worked together on several client projects over the last six months, proving the power of their partnership, said iOLAP’s CEO and President Chris Jordan. “Combining our technical expertise with Elixirr's strategic competencies allows us to satisfy greater demands from our existing and future client bases, and the respective client bases our companies hold in different geographies present significant growth opportunities.”

He added that “joining Elixirr will also provide opportunities for our employees to further develop their careers and take on more of an owner mentality, through the various equity incentive schemes that the firm has in place.”

Meanwhile, for Elixirr, the bolt-on significantly bolsters its fast-growing US business, which managed to triple in size during the past two years, and deepens its technology capabilities at a time of rapidly growing demand for digital transformation and data consulting services.

Elixirr’s CEO, Stephen Newton, stated, “Combining iOLAP's expertise in data and analytics with Elixirr's deep strategic and business consulting experience will ensure we continue to stay at the heart of key boardroom challenges. In iOLAP we see a group of culturally aligned entrepreneurs, who are driven by intellectual curiosity and a desire to solve problems for their clients and I truly believe that our combined proposition offers something unique in the market.”

The two parties also see major business development synergies following the joining of forces. Newton: “The addition increases our footprints due to complementary and additive client profiles – the move adds more than 50 clients to Elixirr's client base, while in turn providing access to hundreds of new clients for iOLAP.”

In addition, Elixirr will be able to leverage iOLAP's European delivery team in support of its global client base, creating further opportunity to add value to projects.

Since going public on the London Stock Exchange in 2020, Elixirr has purchased Coast Digital and Retearn. Prior to that, in 2017, the London-headquartered group picked up Den Creative.

iOLAP will continue to be led by chief executive Chris Jordan, alongside managing partners Craig Rich and Don Mettica. Elixirr’s US business is led by Eric Rich.