WillItSurvive
IT services and system integrators · subsidiary of Montefiore Investment · France

Groupe Open

groupe-open.com ↗

French IT services group providing staff augmentation and app engineering for enterprise clients.

Losing its protection
Assessed 21 July 2026 · Evidence as of 21 July 2026
The structural protection is eroding.
On the recordSince 21 July 2026 · Checkable from H1 2026 · Every call on the record Checkpoint: Next public 2025 revenue figure release
The call

Groupe Open holds a stable public sector niche but shows no independent growth engine against bigger rivals or AI coding agents.

Groupe Open helps large companies build and maintain software applications, mainly by sending engineers to work on client projects and billing by the hour. The work is not hard to copy: bigger French IT firms like Sopra Steria and Atos do the same thing at larger scale, and AI coding assistants like those from OpenAI and AWS are starting to automate the exact tasks Open's engineers do. The company will probably keep operating, but the thing to watch is whether its customers start cutting their bills as AI tools replace some of the human engineering hours they used to buy.

Why
01
AI pressure: OpenAI Codex and AWS Transform. Codex and AWS Transform automate the app engineering, testing, and DevOps work that is Open's core revenue. Could AI do the core job? Yes, likely.
02
Bigger players: Sopra Steria, Atos, Capgemini. Sopra Steria and Atos dwarf Open inside the same UGAP framework contract, leaving Open the smaller subcontractor. Could a giant copy it? Yes, easily.
03
What protects it. Its UGAP public sector framework slot with Atos and Sopra Steria still gives steady, regulated deal flow.
What would change this call
Groupe Open's 2025 revenue figure is published. Flat or below €420M would confirm stagnation and eroding position against larger rivals.
Montefiore Investment announces a sale, exit, or restructuring of Groupe Open. Would signal the PE playbook endgame and likely headcount or margin compression.
UGAP framework contract renewal terms for the Atos/Open/Sopra Steria consortium. Reduced scope or non-renewal would show Open losing ground in its main public-sector distribution channel.
Key numbers
  • Revenue flat at €420M for 2023 and 2024 (2024)
  • Headcount about 2,774 in 2025, up 2.1% YoY (2025-12)
  • Codex hit 2M weekly users, 5x growth in 3 months (2025)
Named risks
  • Revenue flat at €420 million across 2023 and 2024 with no verified growth catalyst. Severity: high
  • Core billable-hours coding, testing and DevOps work directly exposed to AI coding agents like Codex. Severity: high
  • PE owner Montefiore Investment may pursue an exit or restructuring roughly 5-6 years post 2020-2021 acquisition. Severity: medium
  • Acts only as junior partner in shared framework contracts, no independent market-leading position. Severity: medium
  • Sector-wide demand softness among larger peers (Sopra Steria -3.3%, Econocom flat) signals broader headwind. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Sopra SteriacontestingJunior partner alongside Sopra Steria in UGAP PII framework contract, announced 2024-03-06
AtoscontestingShares same UGAP public-sector framework consortium with Atos since March 2024
Capgeminilosing toLacks scale to compete for largest transformation mandates against global giant Capgemini
OpenAI Codex and AWS Transformlosing toAI coding agents automate app engineering, testing, DevOps, Open's core billable work, as of 2026-07
EconocomcontestingPeer French ESN also reporting a difficult transformation environment in Q1 2026
Questions people ask
Is Groupe Open profitable in 2025?
No profit figures have been disclosed publicly since the company was taken private in 2020-2021. Reported revenue was flat at roughly €420 million in both 2023 and 2024, with no independently verified profitability data available as of mid 2026.
Could AI replace Groupe Open's services?
Much of Groupe Open's core work, application engineering, testing, QA and DevOps, is directly in the path of AI coding agents. OpenAI's Codex reached over 2 million weekly users by July 2026, up 5x in three months, and AWS Transform targets the same migration and modernization tasks Open sells.
Who owns Groupe Open?
Groupe Open was delisted from Euronext Paris via a founder-and-Montefiore Investment takeover bid at €15 per share, launched November 2020 and cleared by the AMF on 10 November 2020. Montefiore Investment still listed it as an active portfolio company as of January 2026.
Who is Groupe Open's biggest competitor?
Groupe Open shares the UGAP public-sector framework contract as a junior partner alongside Atos and Sopra Steria, announced March 2024, while also competing for transformation mandates against larger players like Capgemini. It lacks the scale of any of these incumbents.
What is IZBERG and does Groupe Open still sell it?
IZBERG is a modular B2B/B2C marketplace-creation SaaS platform Groupe Open acquired in January 2019 from its founders and Alven Capital. It was still actively marketed as of December 2025, with entry-tier subscription pricing starting around $29 per month per GetApp.
Is Groupe Open hiring or cutting staff in 2025-2026?
Groupe Open ran a 2025 hiring campaign branded #1200byOpen targeting 1,200-plus new employees, and Revelio Labs data shows active job postings up 63.9% year over year in 2025, though group headcount estimates vary widely (2,774 to about 4,000) depending on scope.
Timeline
  • 2026-07-18France competition authority flags OpenAI, Google, Anthropic holding over 84% of global AI-agent market
  • 2026-07-17OpenAI announces Codex passed 2 million weekly users, up 5x in three months
  • 2026-07-17OpenAI announces acquisition of coding-agent firm Ona
  • 2026-01-21Montefiore Investment portfolio page still lists Groupe Open as active holding
  • 2025-01Groupe Open runs #1200byOpen campaign, targets 1,200-plus new hires for 2025
  • 2024-10-29Montefiore Investment sells its stake in Paris Experience Group to Aeroports de Paris Group
  • 2024-03-06Atos, Groupe Open and Sopra Steria consortium selected by UGAP for public-sector framework
  • 2022-04-13Montefiore Investment records follow-on deal with Groupe Open per PitchBook
  • 2020-11-10AMF declares Groupe Open founder and Montefiore takeover bid at 15 euros per share compliant
  • 2019-01-21Groupe Open acquires marketplace SaaS platform IZBERG
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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