Iolap (stylized as iOLAP) has been acquired by Elixirr, a UK-based management consulting firm, for the sum of $40 million.
Founded in 1999 and headquartered in Frisco, Texas, Iolap provides technology and data consulting services to clients in a range of industries. The firm has completed over a thousand engagements for leading companies including Bank of America, Cracker Barrel, and AT&T.
Iolap’s offerings include app design and development, data and analytics, AI and machine learning, and IT managed services. The firm’s technology partners include AWS, IBM, and Microsoft.
Iolap has more than 180 professionals across offices in Frisco , Austin, and Rijeka (Croatia). The company recorded $22.3 million in revenue in 2021.
Elixirr’s acquisition of Iolap is the largest since its founding 2009. The move will greatly expand Elixirr’s overall headcount, which sits at approximately 270 people, while vastly strengthening the firm’s US presence.
The acquisition will also significantly scale Elixirr’s capabilities in application development and data analytics.
“Combining iOLAP’s expertise in data and analytics with Elixirr’s deep strategic and business consulting experience will ensure we continue to stay at the heart of key boardroom challenges,” said Stephen Newton, founder of Elixirr. “In iOLAP we see a group of culturally aligned entrepreneurs, who are driven by intellectual curiosity and a desire to solve problems for their clients and I truly believe that our combined proposition offers something unique in the market.”
Iolap will join Elixirr’s “House of Brands,” which includes Retearn Group, a procurement consultancy acquired in 2021; Coast Digital, a digital marketing agency acquired in 2020; and Den Creative, a creative and digital agency acquired in 2017.
“After growing significantly over the last few years, we were looking for a model to ensure we maintain momentum and Elixirr is the perfect partner for this,” said Chris Jordan, CEO of Iolap. “Combining our technical expertise with Elixirr’s strategic competencies allows us to satisfy greater demands from our existing and future client bases, and the respective client bases our companies hold in different geographies present significant growth opportunities.”
Elixirr’s US business, which has offices in San Francisco, Dallas, and New York, saw rapid revenue growth of 49% in FY 2020 and 100+% growth in the first half of 2021. The firm also added four US partners in 2021: Lakshmi Reddy, Syed Bukhari, Hermann Behrens, and Iliya Rybchin.
Elixirr provides consulting across business strategy, M&A, operations, sourcing, change management, regulatory, digital marketing, and digital design, among other areas. The company has offices in London, Johannesburg, Sydney, San Francisco, Dallas, and New York, and works in 16 industries in over 25 countries.