International business and IT consultancy firm, emagine, has announced its tenth acquisition in five years with the takeover of Boost IT in Portugal. The move responds to demand from the UK and Europe, with nearshoring being the most common method of outsourced IT services in Portugal. A quarter of companies in the UK rely on the method and with the tech talent shortage still presenting challenges, it will provide further support for businesses.
emagine specialises in nearshore services, where IT project work is outsourced to highly skilled experts in development centres in Poland and Portugal. With 81% of UK businesses negatively impacted by a shortage of skilled IT and tech professionals, this move will further enable emagine to support the challenges these businesses are facing.
Founded in 2018, Boost IT provides outsourced IT services through more than 550 permanent FTE IT specialists and a dedicated team of 50 full-time staff members. Based in Lisbon, the firm’s client base primarily comprises well-established global brands in the FMCG, technology services, retail, and e-commerce.
Martin Hartley, Group CCO of emagine, said:
“With the acquisition of Boost IT, we are significantly expanding the capabilities of our sizeable nearshore service. The startup ecosystem in Portugal has experienced significant growth and attention due to the support from the government and a vibrant tech community. The team at Boost IT has achieved remarkable results and growth in just a few short years and I look forward to collaborating with them to scale the operation for emagine’s local and international clients.”
In the UK, emagine specialises in the financial sector and supports clients with business challenges by providing digital, tech, and business consulting services and solutions for clients such as HSBC, the Royal Bank of Canada, the Bank of America, and other tier one investment banks and financial services companies.
Martin continues:
“Investment into Portugal’s IT skills has created an impressive hub of specialists. This aligns seamlessly with emagine’s nearshore approach, which aims to plug the UK skills gap by delivering expert services according to our client’s preferences and budgets. It is an important step in our ongoing global expansion.”
Reflecting on the acquisition, Bruno Ribeiro and Nuno Melo, CEO and Co-founders of Boost IT said:
“We are thrilled to join emagine and are excited for the journey ahead as part of a global consultancy. emagine’s experience and innovative IT systems will help us to appeal to local and Brazilian IT talents and digital nomads. We’re ready to work hard to make it happen.”
The acquisition of Boost IT, including the sister company Hexis Technology Hub, was finalised on December 4, 2024, and the integration process will start immediately.
emagine’s total revenue reached £414 million in 2023, representing a 14% year-on-year rise despite challenging market conditions, and more than double the firm’s total revenue of £196 million just two years prior, in 2021.
After five years of double-digit growth supported by strategic acquisitions, emagine now has a hub in 20% of European countries, with Germany and Portugal being the most recent additions.
The firm, which is owned by the Nordic private equity firm Axcel, is EcoVadis certified, having achieved the highest ranking of Platinum Medal at Group level in September 2024, putting it amongst the top 1% of more than 130,000 businesses assessed globally.
