Dutch IT services and business solutions group Conclusion is ramping up its acquisition strategy in Portugal and Spain, aiming to reach €250 million in Iberian revenues by 2030. The Utrecht-based company, backed by NPM Capital, is focusing on strategic sectors such as cloud, data, and artificial intelligence (AI).
Conclusion's renewed M&A push comes after a €410 million refinancing round in 2023, which also supported the acquisition of Germany’s Diva-e. In Iberia, Conclusion operates through Neotalent Conclusion (IT recruitment) and Score Conclusion (SAP consultancy), which together employ over 1,000 professionals and generated about €60 million in revenue in 2024.
Célia Vieira, now CEO of Conclusion Iberia, is leading the regional growth strategy and coordinating acquisitions with local advisors, reportedly including Banco Invest and CFI. The company is seeking to replicate its Dutch model by establishing five core tech domains in Portugal, covering digital experience, cloud, data & AI, enterprise apps, and business consultancy.
Portugal was chosen as a strategic hub due to its strong tech talent pool, time zone compatibility, and favorable education system. In 2023, Conclusion acquired Novabase’s Neotalent for €51.1 million, a move described as critical to overcoming talent shortages in the Netherlands and scaling nearshore capabilities.
While Spain is expected to attract the majority of upcoming investment, Portugal remains central to Conclusion's long-term European expansion. Despite macroeconomic uncertainty, Vieira sees continued demand for digital services, albeit with longer decision cycles from clients.
With 30+ subsidiaries and 4,500 employees globally, Conclusion aims to hit €2 billion in global revenue by 2030. The next step in Iberia includes leadership transitions at Neotalent and further integration efforts, like the recent co-location of both subsidiaries in Lisbon's Parque das Nações.
In Vieira’s words, “The Iberian region is no longer small. It’s the one we now want to develop."
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