Further consolidation in the B2B telecommunications sector: operator Conexio Telecom is joining Inherent, a fast-growing national giant. Here is an explanation and analysis from the experts at AURIS Finance, a consultancy specialising in mergers and acquisitions.
Since its creation in 2017, Conexio Telecom has been supporting medium and small sized businesses in the industrial and tertiary sectors, as well as public organisations, in setting up and developing their network infrastructures and communications resources. The group has a strong presence in the Occitanie region, with offices in Béziers, Montpellier and Perpignan, and has almost a thousand customers. Conexio Telecom is growing fast, with sales increasing by 30% a year between 2020 and 2024, reaching €6.5 million by the end of 2024. The company employs approximately thirty people.
A local presence
Conexio Telecom represents a strategic acquisition for Inherent. The group, which has a workforce of 1,200 and operates through 40 branches in France, is significantly strengthening its position in the Occitanie region with this takeover. The integration of Conexio Telecom’s branches will strengthen the group’s network, which already covers Toulouse, Pamiers, Auch and Montpellier. Conexio’s customers will benefit from an expanded portfolio, including IT and cybersecurity offerings.
National ambitions
Inherent is a major player in the IT, telecoms, cloud and cybersecurity services sectors in France. It is currently the fourth largest telecoms operator in the country, behind Orange, SFR and Bouygues Telecom. The company is organised into three business units. Direct sales of hosted services, under the Adista brand, account for two-thirds of its turnover. The telecoms operator Unyc handles indirect sales via two offerings: connectivity and telephony, serving 40,000 customers via 1,000 partners. Finally, the Cyberprotect division operates in the field of cyber security, both in support of the other two business units and in direct sales to customers outside the group. In 2024, the group generated €300 million in sales, with plans to increase this to €500 million by 2026.
An offensive strategy
In order to achieve this growth objective, Inherent has embarked on an aggressive acquisition strategy. In 2023, it acquired IT solutions expert Equadex. In 2024, the group implemented a targeted acquisition strategy, enabling it to take over companies with a strong local presence. This strategic move resulted in the acquisition of the Tours-based company Connect Services. A few months later, it acquired Prodware’s private cloud business, before moving on to acquire Upper-Lynk in the Paris region. By the start of 2025, Inherent has already made two acquisitions: Conexio Telecom and Devensys Cybersecurity, a key player in the cybersecurity sector for professionals. This brings the total number of major acquisitions made by Inherent between 2023 and early 2025 to at least five.
Our experts at your service
The telecommunications sector is poised for significant growth in the coming years. In France, the market is valued at over €40 billion. Inherent’s strategic acquisitions are aimed at bolstering its proficiency in key areas such as cloud computing, IT services, desktop solutions and cybersecurity. These moves are complemented by a deliberate expansion of its geographical presence across France. In the coming months, locally established IT companies may become targets for larger players. AURIS Finance’s team of sector specialists is well-positioned to provide support in this field. Whatever your project, whether it is a sale, the search for a financial partner, or the identification of a target with a view to capturing new markets, we will be at your side.
