Houlihan Lokey Advises Stirling Square Capital Partners

Houlihan Lokey is pleased to announce that Stirling Square Capital Partners (Stirling Square) has agreed to acquire a majority stake in Iconsulting S.p.A. (Iconsulting), Italy’s largest independent data and AI specialist. Financial terms of the transaction have not been disclosed.

Stirling Square was founded in 2002 as a pan-European private equity firm specialised in internationalising and digitising middle-market businesses with an enterprise value between €100 million and €500 million. The firm manages €3.5 billion on behalf of a global and diverse investor base. Since its inception, Stirling Square has invested in more than 30 platform companies and over 100 add-on acquisitions globally, helping to create regional and global champions. Stirling Square has a strong track record of investing in data and technology businesses across Europe, with investments including DOCU Nordic, GTT, Hubexo, and Infobric.

Founded in Bologna in 2001 by Federico Ravaldi and Simone Fiocchi, Iconsulting operates in the fast-growing data and AI market, driven by the exponential increase in data volumes and the widespread adoption of AI/ML technologies. The company is uniquely positioned to capitalise on these trends, with a proven track record in delivering transformative solutions and a clear pathway for further growth, reflected in its double-digit revenue growth and industry-leading EBITDA margins. Iconsulting is recognised as a national champion in data architecture, analytics, and AI, serving over 200 enterprise clients across multiple industries. The company designs and operates vendor-agnostic and scalable data and AI ecosystems that enable clients to make faster, smarter, and more responsible decisions. Iconsulting has earned a reputation for delivering best-in-class services through a highly experienced team of more than 500 people with unique capabilities in the market, supported by multiple strategic university partnerships.

This partnership marks the beginning of a new chapter for Iconsulting, aimed at building a European leader in data and AI services, combining deep technical expertise, innovation, and a strong human-centric culture. With Stirling Square, Iconsulting will accelerate its international expansion and reinforce its position as a trusted partner for large organisations across Europe. Clients will benefit from broader geographic coverage, access to new capabilities, continuous innovation supported by increased investment in R&D, strengthened strategic partnerships, targeted acquisitions, and the assurance of vendor-agnostic independence, guaranteeing the most effective and future-proof solutions.

As part of the transaction, Iconsulting’s founders will retain a significant 42.5% minority stake. A large group of key managers will also become shareholders, ensuring strong alignment for the company’s next phase of growth. The founders and the management team will continue to play a central role in guiding Iconsulting’s strategic direction, working closely with Stirling Square to ensure full continuity of culture, client commitment, and long-term vision as the company enters this next phase of expansion.

Enrico Biale, Partner at Stirling Square, commented, “We are delighted to partner with Simone, Federico, and the exceptional team at Iconsulting. This investment continues Stirling Square’s mission to back European champions in digital transformation. Together, we will accelerate Iconsulting’s international expansion and consolidate its leadership in the fast-growing data and AI market.”

Mr. Fiocchi and Mr. Ravaldi added, “We are proud of the path that has brought Iconsulting to become the leading independent data and AI company in Italy. Partnering with Stirling Square gives us the strength and reach to scale this model across Europe. This step enables us to invest even more in our people, in innovation, and in our clients’ success—helping them build intelligent enterprises where data, AI, and human insight work together to create measurable and sustainable value.”

Houlihan Lokey served as the buyside financial advisor to Stirling Square.

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