Dentons advises Wavestone on its combination with AI Builders. September 2, 2026 Paris - Dentons has advised Wavestone, a global consulting firm listed on Euronext Paris, on its combination with AI Builders, a leading French consulting firm specializing in AI and data strategy. Founded in 2019, AI Builders supports the leaders of large organizations in defining, organizing and scaling their AI transformations. The firm combines expertise in strategy, governance, AI product management, implementation and change management. Wavestone brings its international scale, business, industry and technology expertise, together with its ability to industrialize and deploy complex transformations at scale. By combining their expertise, Wavestone and AI Builders now offer integrated support spanning AI strategy through value creation, including data governance, AI products, organizational transformation and user adoption. Paris-based partners Olivia Guéguen and Laura Godard led Dentons' legal team, assisted by associate Lisa Morand in Corporate and M&A; partner Katell Déniel-Allioux and counsel Julie Ragueneau in Employment; partner Maxime Simonnet and associate Simon Bernard in Real Estate; partner Emmanuelle van den Broucke and associate Suzanne Darkazanli in Competition; and partner Marc Fornacciari and associate Chloé Gimenez in Public Law and Regulatory. About dentons. Redefining possibilities. Together, everywhere. For more information visit dentons.com

Wavestone has acquired AI Builders for €19.3 million in cash to strengthen its artificial intelligence capabilities. Founded in 2019, AI Builders employs around 50 consultants specialising in AI strategy and data, targeting €10.3 million in revenue for 2026 with 15% adjusted EBITDA. The acquisition comes as Wavestone faces headwinds. The consulting firm reported a 2% organic revenue decline for Q1 2026/27 and lowered its annual operating margin guidance to 11-13%, down from approximately 13% previously. The disappointing results triggered a 29% share price drop on 30 July. The deal highlights a broader industry trend: consultancies racing to acquire AI expertise as client budgets shift from traditional transformation projects to AI initiatives faster than firms can reallocate their own resources.