BearingPoint annual revenue smashes €1 billion target

European consulting firm BearingPoint has broken through the €1 billion mark for the first time. A second year of double-digit growth saw its full-year revenues hit €1.017 billion over 2023.

Headquartered in Amsterdam, BearingPoint is a European management and technology consulting firm, which can trace its heritage back to the advisory work of the Big Four. Initially created as a unit of KPMG Consulting in the early 2000s, 2009 saw BearingPoint strike out for independence, via a management buyout. Since then, one of the firm’s long-stated goals has been to establish its own seat at the professional services sector’s top table, by bringing in a yearly revenue of €1 billion.

Now, following two years of bumper growth, the firm has finally smashed through that barrier. In 2022, BearingPoint say its income boosted by 24% – the fastest since it gained independence – to hit €862 million. And for its latest financial year, the firm has shown that it kept up that double-digit expansion through 2023, growing by 18% to hit €1.017 billion in annual revenues.

“2023 was a breakout year for BearingPoint,” commented Kiumars Hamidian, BearingPoint’s global managing partner. “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.”

Driving its hike in revenues, the firm saw its bookings grow by 21% and delivered more than 1,800 projects in 32 countries. In particular, it grew rapidly in the large markets of 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.

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 – with growth in markets such as Ireland, the US and China.

BearingPoint also completed five strategic acquisitions to enhance and strengthen its portfolio. These included when it increased its prowess in sustainability with the addition of Korkia, boosted its Salesforce expertise with Smplicity, and strengthened its offering in asset-backed securities with the purchase of TXS Securitization.

In the coming 12 months, BearingPoint aims to outperform the broader consulting market again, and accelerate its strategy execution further, planning for a year of 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.

“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,” added Hamidian.