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London and Bologna, November 26, 2025 - Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, is pleased to announce the acquisition of a majority stake in Iconsulting S.p.A. (“Iconsulting” or the “Company”), Italy’s largest independent Data & AI specialist. Financial terms of the transaction have not been disclosed.

This partnership marks the beginning of a new chapter for Iconsulting, aimed at building a European leader in Data & AI services, combining deep technical expertise, innovation, and a strong human-centric culture.

Founded in Bologna by Federico Ravaldi and Simone Fiocchi, Iconsulting operates in the fast-growing Data & AI market, driven by the exponential increase in data volumes and the widespread adoption of AI/ML technologies. The company is uniquely positioned to capitalize 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 has earned a reputation among its clients for best-in-class services delivered by a highly experienced team of more than 500 people with unique capabilities in the market, supported by multiple strategic university partnerships.

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 & AI ecosystems that enable clients to make faster, smarter and more responsible decisions. Its end-to-end offering spans from the design of complex data architectures and integration platforms to advanced analytics and AI solutions built upon reliable and well-governed data foundations. Iconsulting’s unique ability to combine technological excellence, business understanding and ethical intelligence enables clients to achieve tangible gains in efficiency, innovation and competitiveness.

Through this partnership with Stirling Square, Iconsulting will accelerate its international expansion and reinforce its position as a trusted partner for large organisations across Europe seeking to unlock the full potential of Data & AI.

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.

For Iconsulting’s people, this transaction represents an exceptional opportunity. The Company will continue to nurture its inclusive, knowledge-driven culture, offering talented professionals a platform to grow within one of the most dynamic and promising industries. New international career paths, exposure to cutting-edge AI initiatives and shared ownership for key managers will further reinforce Iconsulting’s position as one of the most attractive employers in the European Data & AI landscape.

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 & AI market.”

Simone Fiocchi and Federico Ravaldi, Co-Founders of Iconsulting, added: “We are proud of the path that has brought Iconsulting to become the leading independent Data & 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.”

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.

About Iconsulting

Founded in 2001 in Bologna, Iconsulting is a leading European specialist in Data & AI strategy, data architecture, advanced analytics and artificial intelligence. The Company designs and operates end-to-end solutions that transform data into actionable intelligence, enabling organisations to evolve into data-driven and AI-empowered enterprises. With over 500professionals, several strategic university partnerships and a long-standing client base of leading corporations, Iconsulting combines independence, technical mastery and innovation to deliver measurable business impact. Learn more at www.iconsulting.biz

About Stirling Square Capital Partners

Stirling Square Capital Partners was founded in 2002 as a pan-European private equity firm specialized in internationalizing and digitizing mid-market businesses with an enterprise value between EUR 100m and EUR 500m. The firm manages EUR 3.5bn on behalf of a global and diverse investor base. Since inception, Stirling Square has invested in 30+ platform companies and 100+ add-on acquisitions globally, helping to create regional and global champions. For more information, visit www.stirlingsquare.com

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