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Draft:Inetum


Inetum (formerly Gfi Informatique) is a European digital services company (ESN), owned by the American investment firm Bain Capital. Its head office is located at 5-7 rue Touzet Gaillard, in Saint-Ouen-sur-Seine. Inetum is ranked 8th ESN in France based on sales.

The group employs 28,000 consultants and generated sales of 2.5 billion euros in 2023.

On February 16, 2023, the Group announced that Jacques Pommeraud had been appointed Chairman and CEO of the Inetum Group, replacing Vincent Rouaix.

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Gfi stands for "Groupe Français d'Informatique". On October 1, 2020, Gfi changes its name to "Inetum", a reference to the Latin word incrementum meaning growing.

History

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In 2002, Gfi acquires OiS, an Italian company. In 2002, Gfi attempts to acquire Thales IS. Announced in May, the deal is aborted in the autumn following the bursting of the internet bubble, the collapse of the Gfi share price and employee opposition. THALES IS became THALES Services and recruited almost 1,000 new staff in 2007.

In 2007, Gfi acquires Groupe BTD, a French company. Gfi is the target of an unsuccessful takeover bid by Fujitsu. There was talk of a tie-up with Bull to counter it. Following this takeover attempt, ITEFIN participations and Boussard et Gavaudan became Gfi Informatique's main shareholders. In 2009, Gfi acquired Forstum Business Solutions, a Canadian company.

In 2010, Gfi sold its German activities (Gfi Informatik and its subsidiaries) to Vision IT Group and its Italian activities to Solgenia Group, as well as Gfi Monétique (Gfi Monetic) in France to GALITT.

In 2011, Gfi acquired the business and assets of Ares in France and the shares of Ares Luxembourg for 2.9 million euros (awarded by the Evry Commercial Court).

In 2012, Gfi acquired two software publishers: Géosphère (GIS software) and JVS-Adix (financial management software for public institutions). It also acquires the Business Solutions unit of Thales (renamed Gfi-BUS) and takes control of Cognitis (an IT services company working mainly for the financial sector (Banking Finance Insurance)). In 2012, Gfi sells its Canadian activities (Gfi Solutions and its subsidiaries). In December 2012, Gfi becomes the main sponsor of Paris Saint-Germain Handball, acquired 6 months earlier by Qatar Investment Authority. It was the latter who approached Gfi.

In 2013, Gfi and Orange Business Services signed a structuring agreement in the outsourcing of information systems and the adoption of cloud computing by businesses. In 2013, Gfi acquires Addstones Consulting, an IT services company serving the financial sector (Corporate and Investment Banking).

In 2014, Gfi and RealDolmen reached an agreement to buy out the entire share capital of Airial Conseil, based in Lille and Paris. In 2014, Gfi Informatique acquires ITN, a French software publisher specializing in management solutions covering the fields of property and casualty (fire, accident and miscellaneous risks), health, life insurance, personal protection and savings via the CLEVA insurance software package.

On November 23, 2015, Gfi Informatique presented a friendly proposal to acquire a majority stake from Mannai Corporation, a Qatari investment fund. On June 16, 2016, Mannai held over 95% of the capital.

On March 24, Gfi signed an agreement with Tunisia's Ministry of Information Technologies and Communications. The company will now have a presence in Tunisia thanks to an agreement signed as part of the Tunisia 2020 project. The Tunisian Minister specified that Gfi's initial commitment in Tunisia will be to create 200 jobs.

In February 2018, Gfi acquired Tunisian ESN Cynapsis, which will change its name to Gfi Tunisie in February 2019.

November 2018 saw the compulsory withdrawal of the company's shares.

On November 27, 2019, the El Corte Inglés group sold its IECISA IT division, with 2,000 employees in Spain and Central and South America, to GFI for over 300 million euros, annexing to IECISA its Spanish GFI subsidiary, with sales six times lower and virtually non-existent in America.

On December 5, 2019, GFI announced in Yaoundé that it had acquired the Cameroonian company Bridgeo, specialized in the implementation of SAGE solutions in Central Africa.

On October 1, 2020, the GFI Group changes its identity and becomes Inetum.

Acquisition, alliances and sales

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Acquisitions and sales
Date Action Company New owner   Country
2010 Vente Gfi Informatique et ses filiales Vision IT Group   Germany
2010 Vente Gfi Italie Solgenia Group (www.solgenia.com),   Italy
2010 Vente Gfi Monétique (Gfi Monetic) GALITT.   France
2012 Vente Gfi Solutions et ses filiales   Canada
2014 Acquisition Airial   France
2016 Acquisition Impaq -   Poland
2016 Acquisition Efron   Spain
2016 Acquisition Roff -   Portugal
2016 Acquisition Metaware   France
2017 Acquisition Gesfor -   Mexico
2018 Acquisition Realdolmen -   Belgium
2018 Acquisition Cynapsis -   Tunisia
2018 Acquisition Vauban -   Romania
2019 Acquisition SIS -   France
2019 Acquisition Capital Consulting -   Morocco
2019 Acquisition Hundred -   Peru
2019 Acquisition Archos Technology -   Morocco
2020 Acquisition i2S -   Portugal
2020 Acquisition Bridgeo -   Cameroon
2020 Acquisition IECISA (Informática El Corte Inglés) -   Spain
2021 Acquisition Ilex International -   France
2021 Acquisition Projixi Europe -   France
2021 Acquisition HLI Consulting Tunisie -   Tunisia
2022 Acquisition Editinfo-IT -   Morocco
2022 Acquisition JCommerce -   Poland
2022 Acquisition Do IT Wise -   Bulgaria

Activités

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Professions

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In 2016: engineering services (57% of sales), facilities management (21%), software (15%), and consulting (7%).

Software publishing

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8th largest French software publisher, according to the 2019 Truffle100 ranking, with 502 R&D employees and sales of €181 million.

11th-ranked French software publisher, according to the 2018 Truffle100 ranking.

Financial data

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Financial data
Years 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Workforce 8 697 9 809 10037 10858 11778 14100 14800 19000 20000 27000 27000
Sales (in millions of euros) 633 688 768 663,6 657,9 618,1 667,3 742,7 804,0 894,0 1015,4 1131,9 1394,6 1595,3 1965,9 2219
Net income (in millions of euros) 10,53 11,60 13,52 19,98 22,00 32,10 37,30 39,80 43,50 21,2 64,4
Annual contribution per employee (in €) 61,69 58,30 19,09 19,00 19,79 26,05

Share ownership

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The company is owned by US investment firm Bain Capital Private Equity, and was previously owned by Qatari consortium Mannai Corporation from 2015 to 2022.

In November 2015, the Qatari consortium Mannai Corporation had acquired 51% of Inetum's capital, indicating that it wished to become a long-term shareholder and participate in the group's international expansion.

Gfi shares have been delisted since the end of 2018 following a public buyout offer.

In July 2022, Inetum announced the sale of Mannai Corporation QPSC's entire stake in Inetum S.A. to Bain Capital Private Equity.

Composition

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May 2009: Jacques Tordjman, Gfi's long-standing Chairman and CEO, leaves the Group. Gfi Informatique's new Chairman and CEO is Vincent Rouaix.

In 2019, Gfi is present in 21 countries. Apart from France, its country of origin, the Gfi group is present in Europe in countries such as Spain, Portugal, Belgium and Luxembourg, as well as in Morocco and Switzerland. An agreement was signed on March 24 to set up operations in Tunisia.

Judicial convictions

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In 2007, the Autorité des marchés financiers (AMF) convicted Jacques Tordjman (CEO) and the members of his management board for insider trading committed in 2004 and 2005. The CEO was fined 400,000 euros. Michel Beilin, Pierre Chiarelli and Yves Roy, Executive Vice-Presidents of Gfi Informatique, were fined 300,000, 100,000 and 50,000 euros respectively, for the same reason.

Notes and references

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See also

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