Azenea integrates two more firms, reaches 18 million and aims to double by 2027

Professional services consolidator Azenea has closed two new integrations — BAC in Barcelona and JGM Consultores in Madrid — which together contribute 1.5 million euros and lift group revenue to 18 million. With them, the firm now counts 18 companies and expects to exceed 20 million in business by the end of 2026.

An integration machine with fund backing

Azenea was founded in 2017 but has accelerated its expansion over the past two years, with a presence in Galicia, the Basque Country, Madrid, Catalonia and Andalusia. The project is backed by Nzyme, the private equity fund of Kibo Ventures and Oliver Wyman, as strategic partner to drive growth and the technological transformation of the firms it integrates.

The group advises 9,000 clients with more than 350 professionals — 300 in the integrated firms and 50 in the central structure. Its offering combines tax, accounting, labour and legal advice with consulting and business strategy. On the legal side, the team works in commercial and corporate law, succession, administrative law and dispute resolution, plus data protection and compliance.

The target profile

Azenea's model is specific about the kind of candidate it seeks: firms with local roots, a diversified client base, business clients — especially SMEs — and revenue between one and ten million euros. The proposal responds, the company says, to three sector challenges: generational handover, technology investment and talent attraction, offering founders a continuity path and their teams new development opportunities.

"We don't add up firms, we build a company," says CEO Gonzalo Fernández, who insists integrations must allow a common structure to be built, not just add revenue.

What the two newcomers bring

BAC strengthens the group's position in Barcelona and JGM Consultores does the same in Madrid, the two markets where competition for SME clients is most intense. With a combined contribution of 1.5 million, both fall within Azenea's usual hunting range and fit its pattern: teams with loyal clients and professionalisable management.

The 50-strong central structure is the other leg of the model: it provides the integrated firms with services a local practice could hardly sustain alone, from technology to financial management. That is the part of the promise that will decide whether the 40-million target is reached through real growth or only through perimeter.

2027: the leap to 40 million

The roadmap is ambitious: 40 million in revenue in 2027, double this year's forecast, "through new integrations and the growth of the firms already in the group," the company tells Expansión.

The legal consolidator, a settled phenomenon

Azenea's move is part of a current redrawing professional services in Spain: capital-backed platforms integrating mid-sized local practices, professionalising their management and giving them technological scale. It is the same industrial logic feeding the debate on funds entering the legal profession, though with a key difference the profession itself stresses: what matters is who actually provides the legal service, who controls the organisation and who answers to the client.

For firms in the one-to-ten-million range, the appeal is clear — continuity, investment and an orderly exit — but so is the symmetrical question: what is lost in autonomy when the firm becomes a unit of a larger company. The answer, as Azenea's own narrative shows, lies in whether integration builds real common structure or stays at adding revenues. The coming quarters will show whether a pace of two deals per quarter is compatible with that promise of deep integration.

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