Conclusion has acquired a majority stake in Score Consulting


Lisbon/Amsterdam – CFI is pleased to announce that it acted as the exclusive corporate finance advisor to Conclusion, a portfolio company of NPM Capital, on the acquisition of a majority stake in Score Consulting, a Portuguese information systems consultancy with special expertise in SAP Solutions.

About Conclusion
Conclusion is a Benelux based IT service provider, set up as an ecosystem of over 25 expert companies that together focus on business transformation and IT services. They provide support for all challenges related to the effective use of data and digital technology: from strategy and design, to implementation, management and continuous development. 

About Score Consulting
Score Consulting (‘Score’) is a Portuguese information systems consultancy focused on putting technology at the service of business optimisation and growth, with special expertise in SAP solutions. Its main purpose is to transform knowledge into value. Founded in 2005, Score has grown steadily based on a close partnership with clients and a motivated and continuously valued team. The realisation of differentiating and successful projects has been the lever for international development.

About the transaction
This transaction follows Conclusion’s growth ambition to become the leading IT Services eco-system not only in the Benelux but also in other geographies across Europe, stepping in the Portuguese market through Score. Score Consulting, which consists of over 145 experts, has obtained a strong position in Portugal as a full service partner for the design, management & support of SAP based business solutions. In that sense, Score will reinforce the Conclusion ecosystem as a nearshoring partner for international customers, while further strengthening their partnership with customers in the Portuguese market. The agreement has been submitted for approval to the Portuguese Competition Authority.

Pedro Deusdado, director of Score Consulting, points out: “Our ambition is to be a relevant player in the Portuguese market. We believe that this strong partnership with Conclusion, will help us significantly to continue the steady growth path of the recent years. By joining their ecosystem, we can reinforce our position and preserve our own identity and culture. In addition, it offers many new possibilities. With a broader portfolio of services and expertise, we will be able to support our customers even better with more comprehensive solutions. On an organisational level, we become a more attractive working place for existing and new talent, offering access to international projects and knowledge. From the start, we’ve experienced a strong cultural fit and great respect from Conclusion for our SCORE legacy. The combination of all these experiences has convinced us that this is the right step.”

Engbert Verkoren, CEO at Conclusion: “Score Consulting is an established player with an excellent reputation in the Portuguese market and European SAP community. We are delighted to be able to add a successful expert company like Score to our ecosystem. By doing so, we have established our first stronghold in Portugal. Within the Enterprise Applications domain, we are seeing SAP gaining ground and more and more customers demanding strategic support. Score is perfectly capable of delivering the required services, both in Portugal as well as part of our international blended customer teams. In addition to being a seamless fit regarding services, the companies also are a good match in terms of culture and character.”

CFI’s role in the process
Based on a longstanding relationship between Conclusion and CFI, including the sale of Conclusion Learning Centers (CLC) to Archipel Academy earlier this year, the Portuguese team of CFI was invited by Conclusion to orchestrate the pursuit of a technological partner for their deep understanding of the business and geography. Thanks to its market knowledge, insights and inroads, CFI enabled Conclusion to find the right partner to join Conclusion’s ecosystem. CFI subsequently coordinated the process and led the negotiations, which resulted in a successful transaction with Score Consulting that was signed on 28 September 2023 with the expected closing date scheduled for later this year. 

Bas van Berkum, head of M&A at Conclusion: “We have asked CFI to help us realising our M&A ambitions in the Portuguese market. Based on its knowledge of and experience in the IT services market, CFI was able to secure an exclusive transaction process with Score. CFI’s diligent and proactive approach and the pleasant and open collaboration with the local team, allowed for a smooth transaction process and successful outcome.”

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