Global consulting firm BearingPoint has bumped up the revenues of its core business areas – Consulting, Products and Capital – by 15% last year to €738 million, on the back of growth in every single of the 23 countries where the firm has offices in.
With over 4,000 consultants, European-heritage BearingPoint is one of the world’s larger management and technology consulting firms.
Despite the continued disruption caused by the Covid-19 pandemic, BearingPoint enjoyed its fifth consecutive year of expansion in 2021, accelerating its recent growth rates to note 15% more revenues and 27% more bookings, while maintaining profitability.
“The second year of the pandemic saw continued restrictions and upheavals. However, our performance shows that we found the right answers to the uncertainty of rapidly shifting global trends and new challenges faced by our clients,” stated Kiumars Hamidian, Managing Partner of BearingPoint in the firm’s annual report.
“We performed well above market average… this is a testament of our strong positioning, the difference we make in the market, the values we bring to the table when collaborating with our clients, and our drive for innovative solutions,” he added.
Internally, BearingPoint is grouped into three clusters. The firm’s powerhouse division, Consulting, provides classical management consulting and project delivery services. “Last year we delivered 1,298 consulting projects in 50 countries.”
The Products business, which provides intellectual property-driven digital assets and managed services for business-critical processes, expanded its suite of solutions by 4 to 21. “The unit won over 30 new international clients and saw its revenue increase by 44%,” said Hamidian.
The Capital division, which delivers merger & acquisition advisory and transaction services to clients (and leads the firm’s internal dealmaking agenda), saw its revenues nearly double (+82%).
To support its growth path, BearingPoint hired more than 1,300 people in the twelve months of 2021.
Other highlights throughout the year included establishing a new presence in India, the launch of a joint venture with IFS (“our biggest services-focused joint venture to date”), and the spin-off of the regulatory technology division in conjunction with private equity firm Nordic Capital.
Meanwhile, the global consultancy took several next steps towards its 2025 ambition of reducing its carbon emissions by 50% (versus the base year of 2019). This includes promoting lower emission travel, offsetting 4,055 tons of CO2e emissions by forest and peatland conservation and restoration, and decarbonising the footprint of offices.
“We’ve been deeply involved in building sustainable solutions both internally and for our clients for more than ten years. Now we’re on the path to do even more,” said Hamidian.
Looking forward into 2022, Hamidian said BearingPoint expects to “again outperform the market” with double-digit growth. “We entered 2022 with a healthy cash position and strong pipeline, and anticipate strong growth across all markets and segments.”