Latest Spire Digital News
Nov 5, 2020
UKHotViews Full-year results out this morning from London HQ’d digital transformation consultancy Kin + Carta, has revenue declining 7% on a like-for-like basis for the last twelve months. However, once last November’s Spire Digital acquisition is included this translates into 1% growth from continuing operations to £137.8m. Kin + Carta focuses on bringing together three main specialisms - strategy, innovation, and communication – for its customers. The fifteen hundred-person strong company lists Barclays, American Express, Amazon, Lexus, Tesco and BMW amongst its clients. Kin + Carta was aiming to deliver a double digit increase in net revenue in FY20 and saw the Spire Digital buy as a way to facilitate this. Spire Digital is a Denver-based consultancy that extended the company’s geographic reach into the Western United States was acquired for an initial consideration of $14.8m and a total capped consideration of £27m. Kin + Carta also divested Pragma, a ventures business in August. After several years of growth digital transformation consultancies like Kin + Carta have taken a disproportionately heavy toll from Covid with consulting spend curtailed and delayed. However, the medium to long term outlook for this market remains healthy given the acceleration to digital and the firm is pointing to signs of recovery in Q1 FY21 with net revenue expected to be higher than Q4 of FY20.