BearingPoint Reports Outstanding Growth in 2017 with Revenues Reaching 710 Million Euros
BearingPoint announced today record revenues of 710 million euros in 2017, representing a 12% increase over the previous year. Bookings grew 14% year-on-year, showing strong momentum in business development. Consequently, the firm grew much faster than the 7% growth forecasted by research company Gartner for consulting worldwide in 20171. Regarding utilization rate, the firm ran at capacity and increased its workforce by 11% to allow for further growth. Despite significant investments in people and the creation of new IP-based assets, growth was highly profitable with an EBIT increase of 18% year over year. As a result, BearingPoint is set to reach its goal of one billion euros in revenues by 2020.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180405005085/en/
Peter Mockler, Managing Partner BearingPoint (Photo: Business Wire)
“We certainly had a good market environment in 2017, but BearingPoint’s performance was particularly strong. It was the continued execution of the firm’s long-term strategy to combine business consulting, technology and IP-based assets that again paid off, and I am proud of what we achieved as a team. We are well on the way of reaching our goal of one billion euros in revenues by 2020,” says Peter Mockler, Managing Partner BearingPoint.
BearingPoint saw growth across all industry segments, service lines and regions, with the firm’s core territory EMEA again forming the stronghold. The Consulting unit showed strong overall performance and specific drivers of growth such as the firm’s products in Regulatory Technology stood out in the Solutions unit.
Investments in ecosystems creating new IP assets
BearingPoint continued to invest in innovative ecosystems and new IP assets that bring technologies, ideas and, financing together to create rapid solutions for changing market environments. Against this background, the firm acquired the supply-chain specialist LCP Consulting in the UK, integrated an automotive consulting team in Italy, and invested in the Norwegian insure-tech start-up Tribe. With its “Be an Innovator” process, BearingPoint generated more than 100 ideas for new services. Innovation labs were used to develop and validate innovative services with clients. BearingPoint created ten new Accelerators, the firm’s technology packages with rapid market impact, which led to 56 million euros in new bookings in 2017. The infrastructure of the firm’s Solutions unit was further developed to better match its focus on software products. It now also includes P&L responsibility to provide even more room for entrepreneurship in this unit.
Rapidly growing workforce anchored by client focus and stewardship
Driven by its strong growth, BearingPoint increased its workforce with new talent across all regions by 11% year-on-year. Also, 19 new Partners were admitted to the firm’s partnership: 16 were promoted internally and 3 joined from the market.
“Our workforce grew double-digit, and there is a good reason for our success in attracting talent. We understand that it’s all about the ecosystem of work: the company culture, the way you experience leadership, the quality of the projects you are working on, and the environment you are working in,” says Peter Mockler.
“Admitting new Partners to BearingPoint is also great news for our clients and for us. It’s great for our clients because the Partners are at the heart of our independent partnership. They make sure that we keep client focus as our first priority at all times. It’s also good news for us because stewardship is a core principle of our partnership: we are determined to develop our people and our capabilities in order to build a stronger, healthier, and wiser organization for the benefit of future generations of employees. I’m also happy to report that four of our newly appointed Partners were women, which was an important step toward our goal of 20% of Partners being female by 2020,” he adds.
Market recognition for innovative technologies
BearingPoint’s offerings for digital transformation and regulatory technology were recognized by leading analysts in 2017. IDC evaluated BearingPoint as a “Major Player” in its “MarketScape: EMEA Digital Strategy and Agency Services 2017 Vendor Assessment,” and Gartner named BearingPoint a “Visionary” in its 2017 “Magic Quadrant for Integrated Revenue and Customer Management for Communication Services Providers.” BearingPoint was also recognized as a “Visionary” in the Gartner “Magic Quadrant for CRM and Customer Experience Implementation Services, Worldwide” for the third consecutive time. The firm was honored with the Chartis RiskTech100® award in the category “Regulatory Reporting” as well as with the Central Banking award as “Consultancy and Advisory Services Provider of the Year.” In November 2017, BearingPoint was awarded the Salesforce Platinum Partner status as a result of successfully helping clients enhance their customer experience and run their businesses in the cloud.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three units: Consulting, Solutions and Ventures. Consulting covers the advisory business; Solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics; Ventures drives the financing and development of start-ups. 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 75 countries, engaging with them to achieve measurable and sustainable success.
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1 Source: Gartner. Forecast: IT Services, Worldwide, 2015-2021, 4Q17 Update. Published: December 19, 2017. ID: G00343324.
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