RGP acquires digital transformation firm Veracity Consulting Group
Management consultancy Resources Global Professionals (RGP) has acquired Veracity Consulting Group, a Richmond, Virginia–based digital transformation consultancy.
Founded in 2015, Veracity delivers consulting services across the areas of brand experience design, service management & process improvement, customer experience, IT and custom app development, and advisory – including strategic planning, product roadmaps, and lean implementation.
The company, whose clients include Fortune 500 and leading healthcare companies, has seen strong growth since its inception four years ago, posting revenues of $21.5 million in 2018 for an increase of 58% over 2017.
Seeking to further enhance its digital capabilities, Irvine, California–based management consultancy RGP has acquired 100% of the equity of Veracity, with an initial cash consideration of $30.6 million plus additional payments based on long-term performance.
RGP offers consulting services in business strategy and transformation, finance and accounting, risk and compliance, and technology and digital. Founded in 1996, the company has more than 3,800 professionals across 70 global offices, serving 2,400 clients in a wide range of sectors.
“With its proven track record of helping clients solve problems using digital solutions, Veracity offers us an instant and credible foundation upon which to build our digital innovation offerings,” Kate Duchene, CEO of RGP, said. “Most importantly, the cultural alignment here is compelling and undeniable – at its core, Veracity is a people-first business, just like RGP.”
Veracity will maintain its brand and operations, functioning as a wholly-owned subsidiary of RGP. The firm’s leadership team – which includes founders Bhadresh Patel, Jon Bohlman, Elisa Parkin, Joshua Lindsey, Rachel Adler and Matt Kumper – will work with RGP to scale sustainable growth for Veracity in the future.
“We see an exceptional opportunity to accelerate Veracity’s momentum to grow and scale while delivering combined value to our and RGP’s client base around the world,” Bhadresh Patel, CEO of Veracity, said.
