BearingPoint posts strong 2019 as it starts executing its Strategy 2025
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Management and technology consultancy BearingPoint announced this week that full-year 2019 revenues hit a record €780 million, a 6% increase from the previous year, due in particular to new revenue streams and innovative business services. The firm delivered projects for clients in over 70 countries. Bookings for 2019 came in at €949 million, which was up 15% compared to the prior year. The substantial growth in bookings points to a strong 2020. BearingPoint said its Strategy 2025, launched last year, has created a solid foundation for sustainable growth. To support growth, BearingPoint hired 1,400 people last year.
“In 2019, we laid the foundation for the future of our firm by developing our Strategy 2025. Three major ambitions drive this strategy. One, we put people in the center. Two, we’re going to outperform the market every year. Three, we’re going to be within the top three players in selected areas we decide to play,” said Managing Partner Kiumars Hamidian. “Despite difficult market conditions in certain segments and market geographies, our firm proved to be resilient and able to grow. 2020 is all about the execution of our strategy. Our backlog is strong, the market conditions in most of our countries are promising, and team spirit is extremely high.”
Strategic growth and innovation
BearingPoint established Business Services as a separate unit at the beginning of 2019. Business Services provides IP-driven digital assets and managed services beyond SaaS. The firm also accelerated the growth of its software business by further verticalizing its two product lines: BearingPoint Beyond and BearingPoint RegTech. BearingPoint Beyond is a digital platform solution provider that helps organizations reinvent their business model and grow revenue by utilizing digital platforms and partner ecosystems. BearingPoint RegTech is a leading provider of innovative regulatory and risk technology solutions and launched an international “regulatory reporting factory” last year.
To support its overall growth objectives, BearingPoint also made a strategic move by acquiring Prederi, a leading consultancy focused on public services in the UK. With the acquisition, BearingPoint continued its growth strategy in selected markets with consultancies that are highly focused and strongly differentiated.
Once again, there was a strong focus on creating innovation. More than 130 ideas, startups, and initiatives were submitted to the firm’s “Hub of Innovation,” and over 20 minimum viable products (MVPs) were developed. Market observers again singled out BearingPoint in 2019 for its innovation and strengths, with 90 analyst recognitions and various awards.
Putting people in the center
As part of putting people at the center, one of the three core ambitions of its Strategy 2025, BearingPoint established a long-term incentive plan that rewards employee loyalty. The firm also established LGBTQ+ and All Inclusive communities and expanded its (Y)Our Ways program. BearingPoint’s (Y)Our Ways is about redesigning the way people work to achieve tangible business outcomes. It leverages IP, talent, and expertise. People-centric by design, (Y)Our Ways is transforming the way BearingPoint makes a difference for its people, clients, and ecosystems.
10 years of BearingPoint – 10 years of success
In 2019, BearingPoint celebrated 10 years of success as an independent, Partner-led management and technology consultancy by giving back to people, planet, and society in the biggest CSR campaign in the firm’s history. The #10DaysOfCaring campaign saw BearingPoint’s people across its offices worldwide participate in more than 150 different activities ranging from planting trees and cycling to work to donating blood and volunteering for local nonprofits. BearingPoint said that #10DaysOfCaring underlined the firm’s culture of teamwork, creativity, and a can-do attitude.
BearingPoint used the momentum from the campaign to start new initiatives, like launching new affinity networks. The firm also signed the UN Global Compact in 2019 and committed itself to the 10 underlying principles that include environmental and climate protection. One way BearingPoint showed its commitment was by making its business travel activities climate-neutral for all its business units globally.
