Wavestone buys AI Builders for €19.3M as consulting shifts to AI

Consulting firm Wavestone has finalised its acquisition of AI Builders , a French AI and data strategy consultancy, for an enterprise value of €19.3 million, paid entirely in cash. The deal was announced on July 31, 2026, and AI Builders will be consolidated into the group's accounts from August 1.

Founded in 2019 by Stéphane Roder, AI Builders employs around 50 consultants who advise chief executives, chief data officers, and chief AI officers on defining and scaling AI transformations. It targets 2026 revenue of €10.3 million, with an adjusted EBITDA margin of 15%.

The purchase advances Wavestone's "Lead the shift" strategic plan, which places AI at the centre of its transformation offering. Wavestone says AI Builders' strengths in strategy, governance, and data-office work let it engage earlier in client projects, while Wavestone adds international reach and large-scale deployment capacity.

The deal landed the same day as Wavestone's first-quarter 2026/27 revenue, down about 2% organically. The group cut its full-year targets, lowering its recurring operating margin outlook to 11% to 13%, from around 13%, citing declines in the US and UK tied to delayed client decisions.

The deal reflects a wider race among consultancies to consolidate AI expertise as enterprise budgets move from classic transformation projects toward AI. By buying a niche player positioned upstream on strategy and governance rather than building in-house, Wavestone is trying to speed its repositioning — even as its own results show how hard that pivot is when demand shifts faster than firms can adapt.