In its first European consulting deal since the landmark Qvartz acquisition, Bain & Company has acquired Pangea, a 20-strong Italian data science boutique.
Founded in 2009 by Paolo Agnoli and Francesco Piccolo, Pangea designs models and algorithms using the Bayesian probabilistic approach, and develops related software, with the goal of improving management decisions and business performances. Since its inception, the Rome-based firm has worked with clients on enhancing performance across dozens of business lines, from marketing and customer care to manufacturing and logistics.
On a number of these engagement, Pangea worked together with consultants from Bain & Company. By blending Pangea’s deep data science capabilities with Bain’s strategic insights, the two were able to deliver “remarkable client results,” according to Pangea's co-founder and CEO Piccolo.
With advanced analytics nowadays “core to enabling business transformation” said Roberto Prioreschi, Bain & Company’s managing partner for Italy, the global management consulting firm has decided to take its collaboration with Pangea to the next level. The deal – terms of the acquisition have not been disclosed – sees Pangea’s full team join Bain & Company’s office in Rome and its Advanced Analytics Group based in its Milan.
The bolt-on adds a team of “exceptionally qualified individuals” with backgrounds in maths, science and engineering, and boosts Bain’s capabilities in advanced data science. “Pangea has an exceptional track record of applying scientific research skills to the business world, and we are thrilled to welcome them to Bain & Company,” said Prioreschi.
Domenico Azzarello, EMEA managing partner at Bain & Company, added that the acquisition will also enhance the firm’s “analytics toolset beyond Italy”.
On top of this, the deal will expand Bain & Company’s broader digital transformation offering (Prioreschi: “digital is a key driver to navigate the rapidly changing business environment”) and add data-driven expertise to its strategic offerings (Azzarello: “the need to leverage data to shape business strategy is more important than ever”).
The transaction is Bain’s first in Europe since the 2019 acquisition of Qvartz, a Scandinavian strategic consultancy that added around 450 consultants and staff to its Nordic footprint. In between, Bain acquired two companies in the US (Sutton Place Strategies, a dealmaking platform) and Pyxis (a data and analytics firm), and took a minority stake in France’s EcoVadis (a provider of ESG ratings for supply chains).
Sourced from Consultancy.eu