BTS acquires Nexo to strengthen its position in Brazil and Latin America

P R E S S R E L E A S E
Stockholm, May 5, 2025

STOCKHOLM, SWEDEN – BTS Group AB (publ), a leading global consultancy specializing in strategy execution, change, and people development, has agreed to acquire Nexo Pesquisa e Consultoria Ltda., Nexo, a boutique consulting firm headquartered in São Paulo, Brazil.

Nexo has been growing continuously since it was founded in 2017. With revenues of approximately 12 million Brazilian Reales (approx. 2.1 million USD) in 2024, and a highly capable team of 21 members, Nexo has built a strong reputation for delivering transformative projects in strategy, innovation, leadership, and culture.

Nexo collaborates with a great portfolio of clients across sectors such as financial services, consumer goods, and technology, assisting both local and global companies in navigating uncertainty, unlocking creativity, and activating strategy through people. Their work encompasses culture transformation, leadership development, employer value proposition, innovation culture, and vision alignment – supported by proprietary methodologies and frameworks.

BTS currently operates in Brazil servicing both local and multinational clients with a team of 13 employees. By acquiring Nexo, BTS not only increases the Group’s footprint in Brazil but also adds significant capabilities in culture and transformation services. Nexo’s client base has limited overlap with BTS, creating strong growth potential and synergy opportunities.

“Nexo is known for helping leaders and organizations tackle some of the most complex, human-centered challenges with creativity, empathy, and strategic clarity and the Nexo team is loved by their clients,” says Philios Andreou, Deputy CEO of BTS Group and President of the Other Markets Unit. “Their products and services complement and elevate our existing offerings, especially in culture transformation, and we are thrilled to welcome the Nexo team to BTS.”

“We’re excited to join BTS. We’ve long admired BTS’s approach and unique portfolio to support large organizations and leaders in connecting strategy with culture across the organization,” says Andreas Auerbach, co founder of Nexo. “Becoming part of BTS, allows us to scale our impact and bring more value to our clients while staying true to our values and culture,” adds Mariana Lage Andrade, co-founder of Nexo.

Upon completion of the transaction, Nexo’s business and organization will merge with BTS Brazil. Nexo’s founders will assume senior management roles in the joint operation.

The acquisition includes a limited initial cash consideration. Additional purchase price considerations will be paid between 2026 and 2028, provided Nexo meets specific performance targets. A limited portion of any such additional purchase price considerations will be paid in newly issued BTS shares. The transaction is effective immediately.

BTS’s acquisition strategy continues to focus on broadening our service portfolio, expanding our geographic reach, and enhancing our capabilities to support future organic growth in a fragmented market.

For more information, please contact:
Philios Andreou
Deputy CEO
BTS Group AB
philios.andreou@bts.com

Michael Wallin
Head of investor relations
BTS Group AB
michael.wallin@bts.com
+46-8-587 070 02
+46-708-78 80 19

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At BTS, we’re constantly challenging ourselves to innovate at speed. And right now, it feels like we’re standing at the edge of something massive. The energy? Electric. The velocity? Unprecedented. For many of us, the current pace feels a lot like the early days of the pandemic: disorienting, high-stakes, and somehow exhilarating. And honestly—it should feel that way. Our teams have been tinkering with AI, specifically LLMs, for the past 2.5 years and it has really been in the last eight months that I can see the profound impact it is going to have for our clients, for our services and our operating model.

The opportunity isn’t about the technology. The world has it and it’s getting better by the minute. The issue is people and people’s readiness to adopt it and be re-tooled and re-skilled. It’s about leadership. AI is deeply personal, it’s surgical. In fact, that’s its genius. So, getting full scale adoption of AI, re-tooling everyone in the company by workflow, so that they can invent new services, unlock new customer value, unlock new levels of productivity, even use it for a better life, is the current race. The central question I’ve been wrestling with, alongside our clients and our own teams, is this:

What does AI actually mean for leadership and culture?

And the answer is clearer by the day: AI isn’t just a new toolset. It’s a new mindset. It demands that we rethink how we lead, how we learn, and how we build thriving organizations that can compete, adapt, and grow.

The productivity paradox revisited

Let’s start with the elephant in the boardroom. There’s been a lot of buzz around AI and its promises. But many leaders have quietly wondered: Will any of this actually move the needle? A year ago, we were asking the same thing. We had licenses. We had curiosity. We had early experiments. But the results were modest, a 1% productivity gain here or there. But by April, we were seeing:

• 30–80% productivity gains in software engineering
• 9–12% gains in consulting teams
• 5%-20% improvements in client success and operations

Just as importantly, the innovation unlock and creativity across our platforms due to vibe coding along with new simulation layers, is leading to new value streams for our clients. This isn’t theoretical. It’s not hype. It’s real. The difference? Adoption, ownership, and a shift in how we lead in order to energize the AI innovation within our teams. The challenge now isn’t whether AI creates value. It’s how to unlock and scale that value across teams, geographies, and business units—and do it fast.

Two Superpowers of the Agentic AI Era

In working with leaders across industries, I’ve come to believe in two superpowers (there are more as well) that will unlock the potential of this AI era: Jazz Leadership and a Simulation Culture.

1. Jazz Leadership

Forget the orchestra (although personally I am a big fan.) The successful team cultures that are innovating with AI feel more like jazz. In jazz, there’s no conductor. There’s no fixed sheet music. There are core bars and then musicians make up music on the spot based on each other’s creativity, building off of each other’s trials, riffs and mistakes, build something extraordinary together. This is how experimenting with AI today, in the flow of work, feels like.

For each activity across a workflow, how can new AI prompts, agents, and GPTs make it better, codify high performance, drive speed and quality simultaneously? How can we try something totally different and still get the job done? How might we re-invent how we work? That’s how high-performing teams operate in the AI era. The world is moving too fast for command-and-control leadership, a perfect sheet of music with one leader who is interpreting the sheet music and directing. What we need instead is improvisation, trust, shared authorship, courage and a playful spirit because there are just as many fails as breakthroughs.Jazz leadership is about creating the conditions where:

• Ideas can come from anywhere
• People see tinkering and testing as key to survival and AI failures mean your team is at the edge of what’s possible for your services and ways of working
• Leaders say, “I don’t have all the answers, but I’ll go first, with you”
• People feel “I’m behind relative to my peers in the company” and the company sees this as a good sign because the pace of learning with AI means higher chance of success in the new era

At BTS, we recently promoted five new partners who embody this mindset. They weren’t the most traditional leaders. But they were the most generative. They coached others. They experimented and are constantly re-tooling themselves and others. They inspired movement. They are keeping us ahead, keeping our clients ahead and driving our re-invention. Jazz leaders make teams better, not by directing every note—but by setting the stage for breakthroughs. It is similar to the agile movement, similar to how it felt in Covid as companies had to reinvent themselves. It’s entrepreneurial, chaotic and fun.

2. Simulation Culture

The ability to simulate is a super-power in this next agentic, AI era. Simulation has always been part of creating organizational agility, high performance and leadership excellence. But AI and high-performance computing have transformed it into something bigger, faster, and infinitely more powerful. It means that building a simulation culture is within all of our grasp, if we tap its power.Today, companies simulate:

• Strategic alternatives - from market impact all they way to detailed frontline execution
• New business, new markets and operating models
• Major capital deployment e.g. build a digital twin of a factory before breaking ground
• Initiative implementation
• Workflows current and future
• Jobs to assess for talent and critical role readiness
• Customer conversations and sales enablement motions

With a simulation culture, where you regularly engage in scenario planning and expect preparation and practice as a way of working, billions in capital is saved, cross-functional teams are strengthened, high performance gets institutionalized, win rates increase, earnings and cash flow improves.

Where to get started

Below are a few examples of what leading organizations are doing. Consider testing these in your own organization:

• Conversational AI bot platforms used to scale performance expectations and the company’s unique culture.
• Agentic simulations built into tools so people can prepare and practice with 100% perfect context and not a wasted moment.
• Digital twins of the job created so that certifications and hiring decisions are valid.
• Micro-simulations spun up in hours to align 50,000 people to a shift in the market or a new operational practice.

Final Thoughts

• Lead like a jazz musician. Embrace improvisation, courage and shared creativity.
• Build a simulation culture. Because in a world that’s moving this fast, practice isn’t optional—it’s how we win.

This is a brave new world. Not five years from now. Right now.Let’s shape it—together.

STOCKHOLM, SWEDEN and SAN FRANCISCO, CALIFORNIA, June 2023 – BTS has signed the Human Rights Campaign and GLAAD’s “Count Us In” Pledge, which affirms leading businesses and employers’ support for LGBTQIA+ inclusion and equality in the workplace and beyond.

BTS is committed to creating a professional environment that is inclusive, safe, and supportive of people of all gender identities and sexual orientations.

“We stand with the LGBTQIA+ community in the fight for equality,”

says Kathryn Clubb, CEO of BTS North America.

“We loudly celebrate LGBTQIA+ diversity and resilience. As an organization and brand, we are committed to demonstrating this support in publicly visible ways. PRIDE month has given us the opportunity to celebrate, learn, appreciate, and understand the LGBTQIA+ community. We are emboldened to take action, speak up, and be better allies.”

In signing this pledge, BTS commits to taking a stand for its LGBTQIA+ employees and clients. Through advocacy, in partnership with lawmakers on the front lines, BTS is committed to supporting broader social change that will shape the world for the better. In tandem with this pledge, BTS has formed an internal taskforce to lead its ongoing discussion and commitment by identifying opportunities for additional advocacy efforts.

“I’m so proud of BTS and the ways in which we are taking a stand to create a better world for our clients, our communities, and our employees,”

said Kathryn Clubb.

“In the words of P. T. Barnum, ‘Comfort is the enemy of progress.’ May we never get too comfortable.”

BTS stands alongside more than 75 other leading businesses, including many clients, in taking this pledge. To learn more about the Pledge and what it stands for, click here.

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Technology choices are often made under pressure - pressure to modernize, to respond to shifting client expectations, to demonstrate progress, or to keep pace with rapid advances in AI. In those moments, even experienced leadership teams can fall into familiar traps: over-estimating how differentiated a capability will remain, under-estimating the organizational cost of sustaining it, and committing earlier than the strategy or operating model can realistically support.

After decades of working with leaders through digital and technology-enabled transformations, I’ve seen these dynamics play out again and again. The issue is rarely the quality of the technology itself. It’s the timing of commitment, and how quickly an early decision hardens into something far harder to unwind than anyone intended.

What has changed in today’s AI-accelerated environment is not the nature of these traps, but the margin for error. It has narrowed dramatically.

For small and mid-sized organizations, the consequences are immediate. You don't have specialist teams running parallel experiments or long runways to course correct. A single bad platform decision can absorb scarce capital, distort operating models, and take years to unwind just as the market shifts again.

AI intensified this tension. It is wildly over-hyped as a silver bullet and quietly under-estimated as a structural disruptor. Both positions are dangerous. AI won’t magically fix broken processes or weak strategy, but it will change the economics of how work gets done and where value accrues.

When leaders ask how to approach digital platforms, AI adoption, or operating model design, four questions consistently matter more than the technology itself.

• What specific market problem does this solve, and what is it worth?
• Is this capability genuinely unique, or is it rapidly becoming commoditized?
• What is the true total cost - not just to build, but to run and evolve over time?
• What is the current pace of innovation for this niche?

For many leadership teams, answering these questions leads to the same strategic posture. Move quickly today while preserving options for tomorrow. Not as doctrine, but as a way of staying adaptive without mistaking early commitment for strategic clarity.

Why build versus buy is the wrong starting point

One of the most common traps organizations fall into is treating digital strategy as a series of isolated build-vs-buy decisions. That framing is too narrow, and it usually arrives too late.

A more powerful question is this. How do we preserve optionality as the landscape continues to evolve? Technology decisions often become a proxy for deeper organizational challenges. Following acquisitions or periods of rapid change, pressure frequently surfaces at the front line. Sales teams respond to client feedback. Delivery teams push for speed. Leaders look for visible progress.

In these moments, technology becomes the focal point for action. Not because it is the root problem, but because it is tangible.

The real risk emerges operationally. Poorly sequenced transitions, disruption to the core business, and value that proves smaller or shorter-lived than anticipated. Teams become locked into delivery paths that no longer make commercial sense, while underlying system assumptions remain unchanged.

The issue is rarely technical. It is temporal.

Optimizing for short-term optics, particularly client-facing signals of progress, often comes at the expense of longer-term adaptability. A cleaner interface over an ageing platform may buy temporary parity, but it can also delay the more important work of rethinking what is possible in the near and medium term.

Conservatism often shows up quietly here. Not as risk aversion, but as a preference for extending the familiar rather than exploring what could fundamentally change.

Licensing as a way to buy time and insight

In fast-moving areas such as AI orchestration, many organizations are choosing to license capability rather than build it internally. This is not because licensing is perfect. It rarely is. It introduces constraints and trade-offs. But it was fast. And more importantly, it acknowledged reality.

The pace of change in this space is such that what looks like a good architectural decision today may be actively unhelpful in twelve months. Licensing allowed us to operate right at the edge of what we actually understood at the time - without pretending we knew where the market would land six or twelve months later.

Licensing should not be seen as a lack of ambition. It is often a way of buying time, learning cheaply, and avoiding premature commitment. Building too early doesn’t make you visionary, often it just makes you rigid.

AI is neither a silver bullet nor a feature

Coaching is a useful microcosm of the broader AI debate.

Great AI coaching that is designed with intent and grounded in real coaching methodology can genuinely augment the experience and extend impact. The market is saturated with AI-enabled coaching tools and what is especially disappointing is that many are thin layers of prompts wrapped around a large language model. They are responsive, polite, and superficially impressive - and they largely miss the point.

Effective coaching isn’t about constant responsiveness. It’s about clarity. It’s about bringing experience, structure, credibility, and connection to moments where someone is stuck.

At the other extreme, coaches themselves are often deeply traditional. A heavy pen, a leather-bound notebook, and a Royal Copenhagen mug of coffee are far more likely to be sitting on the desk than the latest GPT or Gemini model.

That conservatism is understandable - coaching is built on trust, presence, and human connection - but it’s increasingly misaligned with how scale and impact are actually created.

The real opportunity for AI is not to replace human work with a chat interface. It is to codify what actually works. The decision points, frameworks, insights, and moments that drive behavior change. AI can then be used to augment and extend that value at scale.

A polished interface over generic capability is not enough. If AI does not strengthen the core value of the work, it is theatre, not transformation.

What this means for leaders

Across all of these examples, the same pattern shows up.

The hardest decisions are rarely about capability, they are about timing, alignment, and conviction.

Building from scratch only makes sense when you can clearly articulate:

• What you believe that the market does not
• Why that belief creates defensible value
• Why you’re willing to concentrate risk behind it

Clear vision scales extraordinarily well when it’s tightly held. The success of narrow, focused Silicon Valley start-ups is testament to that.

Larger organizations often carry a broader set of commitments. That complexity increases when depth of expertise is spread across functions, and even more so when sales teams have significant autonomy at the point of sale. Alignment becomes harder not because people are wrong, but because too many partial truths are competing at once.

In these environments, strategic clarity, not headcount or spend, creates advantage.

This is why many leadership teams choose to license early. Not because building is wrong, but because most organizations have not yet earned the right to build.

This article was originally publish on Rotman Management

IN OUR CONSULTING WORK with teams at all levels—especially senior leadership—my colleagues and I have noticed teams grappling with an insidious challenge: a lack of effective prioritization. When everything is labeled a priority, nothing truly is. Employees feel crushed under the weight of competing demands and the relentless urgency to deliver on multiple fronts. Requests for prioritization stem from both a lack of focused direction and the challenge of efficiently fulfilling an overwhelming volume of work. Over time, this creates a toxic cycle of burnout, inefficiency and dissatisfaction.

The instinctive response to this issue is to streamline, reduce the number of initiatives, and focus. While this is a step in the right direction, it doesn’t fully address the problem. Prioritization isn’t just about whittling down a to-do list or ranking activities by importance and urgency on an Eisenhower Decision Matrix; it also requires reshaping how we approach work more productively.

In our work, we have found that three critical factors lie at the heart of solving prioritization challenges: tasks, tracking and trust. Addressing these dimensions holistically can start to address the root causes of feeling overwhelmed and lay the foundation for sustainable productivity. Let’s take a closer look at each.

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You’re buckling in for an overseas flight in a brand-new Boeing 777. The pilot comes on the PA: “Ah, ladies and gentlemen, our flight time today will be six and a half hours at a cruising altitude of 33,000 feet. And I should mention that this is the first time I have ever flown a 777. Wish me luck.”

Before setting foot in the real world, pilots, military personnel and disaster response teams use intense simulations to learn how to respond to high-intensity challenges.Why should we place corporate leaders and their teams in situations without first giving them a chance to try things out? The risks are huge — new strategy investments can run into the hundreds of millions of dollars. BTS offers a better way to turn strategy into action: customized business simulations.

‘Now I Know What it’s Like to be CEO’

A customized business simulation of your enterprise, business unit or process, using real-world competitive dynamics, places leaders in a context where they step out of their normal day-to-day roles and gain exposure to the big picture. Participants make decisions in a risk-free environment, allowing them to experience critical interdependencies, execution best practices and the levers they can use to optimize their company’s key performance indicators. It takes the concept of a strategy and makes it personal, giving each individual the chance to see the direct impacts of their actions and the role they play in strategy execution.

Leading corporations are increasingly turning to business simulations to help build strategic alignment and execution capability when faced with the following business challenges:

• Key performance objective and new strategy implementation.
• Accelerating strategy execution and innovation.
• Improving business acumen and financial decision making.
• Transforming sales programs into business results accelerators.
• Leadership development focused on front-line execution.
• Implementing culture change as tied to strategy alignment.
• Modeling complex value chains for collaborative cost elimination.
• Merger integration.

Within minutes of being placed in a business simulation, users are grappling with issues and decisions that they must make — now. A year gets compressed into a day or less. Competition among teams spurs engagement, invention and discovery.

The Business Simulation Continuum: Customize to Fit Your Needs

Simulations have a broad range of applications, from building deep strategic alignment to developing execution capability. The more customized the simulation, the more experience participants can bring back to the job in execution and results. Think about it: why design a learning experience around generic competency models or broad definitions of success when the point is to improve within your business context?  When you instead simulate what “great” looks like for your organization, you exponentially increase the efficacy of your program.

10 Elements of Highly Effective Business Simulations

With 30 years of experience building and implementing highly customized simulations for Fortune 500 companies, BTS has developed the 10 critical elements of an effective business simulation:

1. Highly realistic with points of realism targeted to drive experiential learning.
2. Dynamically competitive with decisions and results impacted by peers’ decisions in an intense, yet fun, environment.
3. Illustrative, not prescriptive or deterministic, with a focus on new ways of thinking.
4. Catalyzes discussion of critical issues with learning coming from discussion within teams and among individuals.
5. Business-relevant feedback, a mechanism to relate the simulation experience directly back to the company’s business and key strategic priorities.
6. Delivered with excellence : High levels of quality and inclusion of such design elements as group discussion, humor, coaching and competition that make the experience highly interactive, intriguing, emotional, fun, and satisfying.
7. User driven: Progress through the business simulation experience is controlled by participants and accommodates a variety of learning and work styles.
8. Designed for a specific target audience, level and business need.
9. Outcome focused , so that changes in mindset lead to concrete actions.
10. Enables and builds community: Interpersonal networks are created and extended through chat rooms, threaded discussions and issue-focused e-mail groups; participants support and share with peers.

Better Results, Faster

Well-designed business simulations are proven to significantly accelerate the time to value of corporate initiatives. A new strategy can be delivered to a global workforce and execution capability can be developed quickly, consistently and cost-effectively. It’s made personal, so that back on the job, participants own the new strategy and share their enthusiasm and commitment. This in turn yields tangible results; according to a research report conducted by the Economist Intelligence Unit and sponsored by BTS, titled “Mindsets: Gaining Buy-In to Strategy,” the majority of firms struggle to achieve buy-in to strategy, but those that personalize strategy throughout their organization significantly outperform their peers in terms of profitability, revenue growth and market share.

Business Simulations: Even More Powerful in Combination

Comprehensive deployment of business simulation and experiential learning programs combines live and online experiences. The deepest alignment, mindset shift and capability building takes place over time through a series of well-designed activities. Maximize impact by linking engagement and skill building to organizational objectives and by involving leadership throughout the process.

Putting Business Simulations to Work

Simulations drive strategic alignment, sales force transformation, and business acumen, financial acumen and leadership development, among other areas. A successful experiential learning program cements strategic alignment and builds execution capability across the entire organization, turning strategy into action. Results can be measured in team effectiveness, company alignment, revenue growth and share price.

Learn more about business simulations

Learn how BTS Business Simulations can help with your initiatives.

Fill out the form below to have a BTS representative contact you.

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