Atos's two TacticalVC cases document a corporate separation designed to surface value obscured inside a conglomerate. The Eviden split case shows the strategic logic: carving out the cybersecurity and digital business from the legacy infrastructure operation allows each to be valued and managed independently. The Tech Foundations turnaround case shows the operational result: three targeted acquisitions and restructuring moving operating margin from negative to 3.1% positive — three years ahead of plan. These cases document a bet that separating a growth business from a legacy one creates more total value than managing them together.
Atos Tech Foundations hit 3.1% margin in 2023 — three years ahead of its transformation plan.
From -11% Organic Decline to Near-Flat: How Three Acquisitions Created the Rationalization Opportunity
Atos isolated Eviden — €5.3B in revenue at 5.2% operating margin — by shifting toward cybersecurity and decarbonization.
Splitting a €10B Company to Surface a Cybersecurity Growth Business: The Eviden Separation and Its Limits