Wavestone buys 25-strong consulting practice of Everest Group
Wavestone, a France-headquartered management and technology consultancy, has acquired the consulting practice of Everest Group, a research and consulting firm focusing on IT, business process, and engineering services.
As part of the $10.1-million cash deal, Dallas-based Everest will retain its research practice and sell off its consulting practice. A further consideration of up to $5.1 million is payable based on the consulting practice’s performance in 2021/22.
Since 1991, Everest’s consulting practice has supported Global 500 clients across sectors on sourcing, business process optimization, and digital transformation. The practice also advises service providers on effectively delivering and monetizing their services to target markets.
In the last three fiscal years, Everest’s consulting practice has booked average annual revenue of $11 million. In 2020, the practice recorded revenue of more than $15 million due to “exceptional contracts delivered throughout the year,” according to a release from Wavestone.
The practice’s 5 senior partners and approximately 20 employees will join the Wavestone team.
Paris-based Wavestone entered the US market in 2019 with the acquisition of WGroup, a Philadelphia-based consultancy specializing in IT strategy, cost optimization, and operational improvement advisory.
The Everest deal will expand Wavestone’s development in the US, which is a “high-priority market” in the firm’s international strategy.
“This acquisition is perfectly in line with our strategic plan in the US,” said Pascal Imbert, CEO of Wavestone. “We were impressed with the practice's first-class client base and the strategic character of its assignments. The skills and talent quality of the team are an ideal fit for us as Wavestone continues to expand in the US market.”
Wavestone was founded in 1990 and has more than 3,000 consultants across offices in France, the UK, Belgium, Luxembourg, Switzerland, Morocco, Hong Kong, and the US. The firm has American locations in New York and Philadelphia.
Peter Bendor-Samuel, CEO of Everest, said the firm was looking for ways to help the consulting division “soar to new growth benchmarks.”
“Through this acquisition, the practice will be able to accomplish this goal by leveraging a deeper and wider talent pool, enhancing opportunities for faster growth, and becoming more competitive in the North American market,” Bendor-Samuel said.
