Stirling Square backs Iconsulting to scale Data & AI across Europe

Stirling Square Capital Partners has acquired a majority stake in Iconsulting S.p.A., the Bologna-founded specialist seen as Italy’s largest independent Data & AI consultancy. Financial terms were not disclosed, but the deal is presented as a strategic move to roll Iconsulting’s capabilities out more broadly across Europe.

Iconsulting, established by Federico Ravaldi and Simone Fiocchi, has grown rapidly by combining systems engineering, data architecture and applied AI. The firm now employs more than 500 professionals, serves over 200 enterprise clients and reports double‑digit revenue growth alongside industry‑leading EBITDA margins—metrics Stirling Square highlighted as part of the investment rationale.

The company’s proposition is built on vendor‑agnostic data platforms, advanced analytics and governance practices that support responsible AI. Iconsulting’s end‑to‑end stack—spanning integration, cloud data engineering, MLOps and business‑facing AI services—positions it to capture rising demand as organisations across sectors prioritise data‑driven transformation. Market observers estimate European demand for Data & AI services is expanding at high single to double‑digit rates as CIOs accelerate cloud modernisation and AI pilots move into production.

Under the agreement, the founders will remain heavily invested: they retain a significant 42.5% minority stake and a cohort of senior managers will take equity, creating continuity in leadership and alignment for growth. Management will continue to run day‑to‑day operations while leveraging Stirling Square’s capital and buy‑and‑build experience to accelerate international expansion.

Stirling Square intends to support Iconsulting with increased R&D funding, selective add‑on acquisitions and deeper strategic partnerships with universities and technology providers. The private equity firm has a track record in scaling European technology and data businesses, having invested in names such as DOCU Nordic, GTT, Hubexo and Infobric, which the firm cites as evidence of sector expertise and operational playbook.

Enrico Biale, Partner at Stirling Square, said the investment targets a market opportunity to create a continent‑level leader in Data & AI services by combining Iconsulting’s technical strength and client base with Stirling Square’s resources. Co‑founders Simone Fiocchi and Federico Ravaldi framed the deal as a way to scale the company’s model across new geographies while preserving its human‑centred culture and independence.

For clients, the combination promises broader geographic coverage and continuity of vendor‑neutral advice. For staff, the partnership offers international career pathways and exposure to larger AI programmes. Strategically, the tie‑up underlines a wider trend: European PE investors are actively consolidating niche data and AI consultancies to meet surging enterprise demand for trustworthy, scalable AI implementations.