BearingPoint surpasses €1 billion full-year revenue target

We are excited to report full-year revenues of €1.017 billion for 2023, a jump in year-on-year growth of 18%.

We saw our bookings grow by 21% and delivered more than 1,800 projects in 32 countries. To support our growth, we increased our workforce by 15% to more than 6,000 employees at the end of the year. For 2024, we plan to hire more than 1,600 people as we accelerate our strategy and continue to expand globally. 

“2023 was a breakout year for BearingPoint,” said Kiumars Hamidian, Managing Partner of 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.” 

Strategic acquisitions and global expansion 

In 2023, BearingPoint completed five strategic acquisitions to enhance and strengthen our portfolio, particularly in the areas of sustainability (Korkia), Salesforce expertise (Simplicity), 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 (bytes Group and Cedar Bay). 

Our record hiring in 2023 was also due to expanding our 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. 

Continued investment in innovation, artificial intelligence and sustainability 

We continued to invest heavily in our 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, we published an ethical statement on the sustainable and responsible use of AI in cooperation with clients. We 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 our 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. 

We have 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, we 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 our confidence in the future. BearingPoint made record investments in learning and people development and delivered an all-time high of 260,000 training hours. We provide 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 our Be. Campus in Brussels, where the firm will deliver even more training in 2024. 

2024 – Strategy acceleration continues 

In 2024, BearingPoint wants to outperform the market again and accelerate our strategy execution further, planning a double-digit organic revenue growth. In addition, we see more strategic M&A activities and investments in developing our consulting and products portfolio in 2024, especially in focus areas such as sustainability and in key geographies such as the US. Our joint venture Arcwide will also 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,” said Kiumars Hamidian.