THE Irish division of Bearing Point – the international IT and management consultancy formerly part of KPMG Management Consultants – is to form part of a near €70 million European-wide management buyout (MBO) of the company’s EMEA (European, Middle East and Africa) operations.
While it is not known how much Bearing Point Ireland will contribute, each of the company’s European subsidiaries will take part in the buy-out – due to cost a total of €69m.
The company employs 200 people in Dublin, an office which contributes €30m to Bearing Point International’s €500m annual revenues.
Yesterday, Bearing Point Ireland managing director Peter Minogue (who is taking an equity stake in the new European business, as is the Irish division’s head of financial services Martin McKenna) called the takeover “a highly positive move” for clients and staff alike.
“It gives us more control and flexibility in the Irish market, while remaining part of an international organisation. The change in ownership also adds a strong entrepreneurial dimension to the Bearing Point brand,” he added.
“The partner-led structure will further boost the traditionally strong performance and client driven culture of Bearing Point and, thus, add even more value for the client,” the company’s EMEA head Peter Mockler added.
In Ireland, the company specialises in consultancy and technology services across the commercial, public and financial services sectors.
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