Portraits of agents

Welcome to “Mission Impossible”, our series of podcasts introducing you to the world of Econocom agents.

Today we’re going to meet François Simoneau, aged 48, who’s been with Econocom for 12 years. After working in IT, mainly for IBM, François decided to go on an adventure in Asia: he spent 6 years in Cambodia where he changed career and learned Cambodian, a truly memorable experience for him and his family.

When he got back to France, François joined Econocom’s P&S team. Five years ago, he was looking for more freedom and independence and decided to set up as an agent: and it turned out to be the best decision he ever made. Since then, his agency has flourished and he now has a team working under him, allowing him to focus on acquiring new clients.

Check out this episode to hear the success story!

Click on the image to start listening to the podcast.

As the clock ticks toward October 14, 2025, Microsoft is set to end support for Windows 10, marking the beginning of a new era where Windows 11 becomes the sole operating system. While the upgrade to Windows 11 is free for existing Windows 10 users, the shift comes with a catch: Microsoft has substantially raised the hardware requirements for compatibility. Attempting to install Windows 11 on unsupported hardware could lead to performance issues or system instability.

For IT solution providers, this transition represents a significant opportunity. The migration to Windows 11 opens the door to the adoption of AI-capable PCs, especially in the commercial sector. Windows 11 is designed to support advanced AI features, including Microsoft Copilot and AI-powered enhancements in apps like Paint, Photos, and Clipchamp.

New devices equipped with Microsoft Copilot will enhance user productivity, offering features such as automatic meeting transcription and turning notes into presentations. These AI-driven innovations, combined with improved threat protection and data loss prevention, position Windows 11 as a substantial improvement over its predecessor.

For customers who prefer to remain on Windows 10, there is still an option. Microsoft offers an Extended Security Updates (ESU) program, allowing users to continue receiving critical security updates until October 2028.

Challenges Facing Copilot+ PC

Despite this, industry insiders remain optimistic that a resolution will be reached before the trial in December.

The world of technology is evolving rapidly, and recent events offer significant perspectives. Following Broadcom’s acquisition of VMware, a growing number of customers are seeking alternatives for their virtual infrastructures. This BDS Observatory article takes a look at the opportunities offered by Nutanix and Scale Computing, two major players positioning themselves as viable alternatives to VMware.

Nutanix .NEXT 2024: a landmark event in Barcelona

Nutanix recently organised the Nutanix .NEXT 2024 European Conference, a key event in the field of cloud technology. It took place from 21 to 23 May in Barcelona. Nutanix CEO Rajiv Ramaswami – who also spent five years at VMware and six years at Broadcom – set out the following three main ideas in his speech.

1.- Working with Dell Technologies

Nutanix and Dell have announced a collaboration aimed at modernising infrastructures and developing modern applications. Joint customers can leverage hybrid multi-cloud solutions from Dell and Nutanix to improve IT operations, resilience and flexibility. This collaboration includes an integrated hyper-converged machine combining the Nutanix cloud platform with Dell servers. It is available in a wide range of PowerEdge models and configurations.

2.- Alliance with Cisco strengthened

Given the uncertainty surrounding the future development of the VMware catalogue following the Broadcom acquisition, Nutanix has stepped up its sales support to help customers migrate to its software. With this in mind, Nutanix engineers are working hard to certify Cisco servers, enabling companies to reuse them to run the Nutanix AHV hypervisor.

3.- Association with Nvidia

In collaboration with Nvidia, Nutanix is developing GPT-in-a-box 2.0, an AI solution which helps organisations launch AI and ML projects while retaining control of their data. This software-defined platform enables organisations to scale, configure and deploy a set of large language models (LLMs) using open-source AI and ML frameworks on the Nutanix cloud platform.

What opportunities are there for Econocom?

Broadcom’s acquisition of VMware represents an opportunity for Econocom to offer alternative solutions such as Nutanix and Scale Computing to our customers.

Technological change often involves hardware renewal, and Nutanix’s hyperconverged offering with Dell could be a key solution for our customers. This combination would make it possible to modernise the infrastructure while maximising existing investment in hardware.

Scale Computing offers a viable alternative to VMware with a simple, secure and cost-effective hyper-converged infrastructure. SC//Platform is renowned for its ease of use, eliminating the need for specialist virtualisation knowledge. This simplicity extends to ongoing management, with features such as automated backups, resource allocation and scaling.

The SC//Platform also integrates backup and disaster recovery solutions, offering a transparent and cost-effective way of protecting data and applications. Unlike VMware – which often requires third-party solutions – Scale Computing offers an integrated solution, simplifying data protection management.

Businesses need infrastructure solutions which can adapt to their changing needs. The SC//Platform excels in this area, offering transparent and easy-to-implement scaling options. In addition, the SC//Platform is designed with built-in high-availability capabilities and automatic resilience, minimising downtime and ensuring enterprise-grade reliability.

Recent developments in virtual infrastructures offer strategic opportunities for Econocom to offer robust and innovative alternatives to VMware. Nutanix and Scale Computing are leaders in this field, providing solutions which meet the modern needs of businesses in terms of hybrid cloud and artificial intelligence. By taking advantage of these opportunities, Econocom can strengthen its market position and offer cutting-edge technological solutions to its customers.

A first half in line with the objectives of the One econocom strategic plan

• First-half revenue at €1,335 million, up 3.0%: this growth was driven by all businesses and is in line with 2024 guidance;
• Operating margin at €38.3 million, impacted by the significant investments engaged as planned to implement the plan in both the sales force and IT and security;
• Net financial debt reduced to €180 million at end-June 2024 (vs. €321 million at the end of June 2023) thanks to the sale of Les Abeilles, and solid free cash flow over the past 12 months;
• New governance to support the deployment of the strategic plan; appointment of Jean-Louis Bouchard and Angel Benguigui respectively as Operational Chairman and Group CEO.

Revenue growth across all businesses. A halh-year of investment

The Econocom Group generated revenue of €1,335 million in the first half of 2024, up 3.0% compared with the same period in 2023 (vs. +2.6% in Q1) with all businesses contributing to this growth. In organic terms, growth came to 2.9%, in the absence of major changes to the scope of consolidation.

Over the period, trends in continuing operations were as follows:

• Technology Management & Financing (TMF) posted revenue of €506 million, an increase of 6.1%, including +5.9% organic growth. The group is capitalising on the quality of its flexible, customised financing offers to expand sales in targeted geographical regions. In line with its strategic plan, in the first half, Econocom continues to pursue its investments to recruit Account Managers and agents and update operational sales tools. As a result, operating margin came to €14.6 million, down €2.5 million compared with H1 2023.
• Products & Solutions (P&S) revenue totalled €591 million, up 1.1%. After a first quarter which saw a 2.5% decline in business, growth recovered during the second quarter, driven by stronger trends in the European IT distribution market. Operating margin came to €14.4 million, down slightly by €1.1 million compared with H1 2023.
• At end-June 2024, the Services business reported revenue of €239 million, up 1.2% on a purely organic basis. Operating margin accordingly was €9.3 million, in line with the first half-year 2023.

Overall, the Group’s operating margin was €38.3 million.

Other operating income and expenses amounted to -€4.1 million, i.e. down by €0.3 million compared to the amount recorded for the same period in 2023.

After financial income of -€5.9 million, an income tax expense of -€9.3 million and profit (loss) from discontinued operations of €5.7 million, consolidated net profit totalled €23.1 million for the first half of 2024 vs. €24.7 million for the same period of the previous year.

Sharp decline in net financial debt

In line with the commitments made as part of the One econocom strategic plan for 2024-2028, the group launched its non-strategic asset divestment programme to help self-fund its external growth policy. As part of this programme, in early June, the group finalised the disposal of its Les Abeilles subsidiary, enabling it to raise just over half of the €180 million disposal proceeds planned as part of the One econocom plan.

Furthermore, over the past 12 months, the group generated €88 million in free cash flow thanks to efforts made by all of its entities to reduce their working capital requirements.

Thanks to these two impacts, net financial debt was down to €180 million at end-June 2024, compared with €321 million a year earlier. This level of indebtness at end-June is the lowest seen over the past 10 years at the same time.

New governance

The Econocom Board of Directors unanimously approved the separation of the roles of Chairman and CEO, as well as the appointment of Angel Benguigui as Group CEO.  Jean-Louis Bouchard, founder of Econocom, is now the Operational Chairman. Angel Benguigui will be able to rely on his support and advice, in keeping with the excellent dialogue and climate of trust they have built over their many years working together. An Executive Committee will be announced soon, to strengthen the skills and enhance the complementary profiles of the Management team.

2024 Outlook 

Given these strong trends at end-June, Econocom confirms its 2024 guidance of generating revenue growth of between 3% and 5%.

Next publication: information meeting on H1 2024 results, 25 July 2024

You will find the complete document in the resources. 

• Econocom, a pioneering group that supports the digital transformation of companies, has today announced that a new governing structure has been set up.
• Jean-Louis Bouchard and Angel Benguigui have been respectively appointed Operational Chairman and Group CEO. Patrick van den Berg has stepped down as Managing Director.
• The purpose of this new governing structure is to oversee and implement the new ‘One Econocom 2024–28’ strategic plan that was announced in November 2023.

Today, on 24 July 2024, Econocom’s Board of Directors convened under the chairmanship of Jean-Louis Bouchard and unanimously endorsed a separation of the roles of Chairman and CEO and the appointment of Angel Benguigui as Group CEO. Jean-Louis Bouchard, Econocom’s founder, has now become the group’s Operational Chairman. Mr Benguigui will be able to rely on his support and advice, in keeping with the excellent dialogue and climate of trust they have built over their many years working together.

In regard to these decisions, Jean-Louis Bouchard, Econocom’s founding Chairman, said: ‘Angel Benguigui is an inspiring leader with outstanding knowledge of our business lines and recognised expertise in heading the group during a period of swift change and growth. He is perfectly ready for this new role, given his exemplary career path of around 20 years with Econocom and the central role he played in devising the “One Econocom” plan. At a time when the technology and digital transformation market is undergoing major changes, especially in cloud computing and artificial intelligence, Angel will oversee the implementation of our ambitious new strategic plan for 2024–28 and ensure its success. The Board of Directors and I have every faith in Angel and our teams to successfully navigate the next stages of our development, which promise to be exciting. Lastly, I’d like to thank Patrick Van Den Berg, who’s been a key player in Econocom’s development over the past two years.’

Angel Benguigui, the Econocom group’s CEO, said: ‘I’d like to thank the Board of Directors and Jean-Louis Bouchard for the trust they’ve placed in me. I’m honoured and determined to speed up Econocom’s development and make sure the new “One Econocom” strategic plan is implemented successfully, alongside our talented teams. I’m certain that Econocom has huge growth potential because of our group’s unique positioning, which covers our clients’ needs, end to end, for accessing essential digital devices.’

Patrick Van Den Berg is stepping down from his position in the group to pursue new career opportunities. Mr Van Den Berg joined Econocom in May 2022 as Deputy Managing Director for international activities and as Netherlands Country Manager, before becoming Managing Director in 2023.

Angel Benguigui will put together a new Executive Committee, which will soon be announced, to strengthen the areas of expertise and complementarity among the different senior management members.

Econocom’s Board of Directors is convinced that this new organisational structure will guarantee that the ‘One Econocom’ strategic plan is carried out successfully.

Angel Benguigui

Angel Benguigui is an Economics and Business Management graduate from the University of Madrid. He began his career in the Crédit Lyonnais group. For 18 years, he worked there successfully in corporate banking and specialist financing in Europe, before being appointed Managing Director for Spain. When Crédit Agricole acquired Crédit Lyonnais in 2003, he joined Calyon (which became Crédit Agricole CIB) as Deputy Managing Director for Spain and Portugal. He then joined Econocom in 2006 as Country Manager for Spain with the aim of developing distribution, financing and digital services at Econocom, mainly through a policy of targeted acquisitions. He achieved this with tremendous success. After serving on the group’s international committee, then its Executive Committee, for several years, he became Chief Financial Officer in 2019, then was appointed Managing Director in 2020 in charge of day-to-day management. In 2023, he joined the Board of Directors as an Executive Director, in charge of devising and implementing the ‘One Econocom’ strategic plan.

Portraits of agents

As part of our new series of “Mission Impossible“ podcasts, we’ve gone to meet some very special agents! And we’re going to learn that the word “impossible” doesn’t exist at Econocom…

The first agent in our dedicated series : Jehan de France, Econocom sales agent since 1989.

Jehan has been working with customers to develop his agency and Econocom for over 30 years. What is it that drives him? “Pride in Econocom’s services and offering. I’m proud to represent Econocom, “ explains Jehan. The agent then takes a step back to bear witness to the ability of an agent to adapt to products and offerings which are constantly evolving… “This company changes every day, and this renewal is a constant source of motivation…”.

Meet Jehan and discover his story with Econocom in this first episode dedicated specifically to the Mission Impossible program. Other episodes are coming soon!

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Anne Bruchon

Group Communication Director

We recently spoke to Israel Garcia, Managing Director of BDS, who shared his views on the growing importance of software in our strategy and the market trends we need to keep a close eye on…

Econocom Stories: Why should Econocom pay more attention to software?

Israel Garcia: Recent analyses show that hardware-focused value-added resellers (VARs) are likely to have a difficult year in 2024. Those focused on software are better placed to navigate this period. Software budgets have historically been more resilient and are increasingly moving towards subscription models, creating more predictable and recurring revenues. For example, the average annual growth rate for large software companies has been 18% over the last five years, with hardware coming in at just 4%. This clearly indicates that software offers a more dynamic growth opportunity.

E-S: What are the key figures for the software market in Europe?

Israel Garcia: According to Statista, the European software market is expected to reach revenues of 157.30 billion dollars in 2024, with an average annual growth rate of 5.84% until 2028. The enterprise software sector will dominate this market, accounting for 65.38 billion dollars in 2024. This underlines the growing demand for robust, integrated software solutions in European companies.

E-S: How do these trends compare with the devices market?

Israel Garcia: According to Statista, the devices market is expected to generate 129.60 billion dollars in 2024, growing at an AAGR of 2.78% to 2028. In comparison, the faster growth in the software sector underlines the strategic importance for Econocom of focusing on software.

E-S: Which macroeconomic factors are driving growth in the software market?

Israel Garcia: The main drivers include the increasing digitisation of businesses, the rise of e-commerce, and the growing importance of data analysis. In general, every company wants to innovate, and these days innovation is driven by software in any field.

E-S: What trends are you seeing in the European software market?

Israel Garcia: We’re seeing strong demand for user-friendly, efficient and customisable software, often cloud-based for greater flexibility and scalability. AI and machine learning technologies are also gaining in popularity. These technologies enable tasks to be automated, improve efficiency and enhance the customer experience. Open-source software is also becoming more common in Europe. It offers flexibility and cost-effectiveness.

Israel Garcia: Our new strategic plan is based on the idea of creating end-to-end solutions in key areas such as the workplace, infrastructure and audiovisual. On the one hand, software is at the heart of these end-to-end solutions, bringing together hardware, services, users and information. On the other hand, businesses need a complete package of design, consultancy, deployment, operation and financing services to unleash the innovation and transformation potential of software. Econocom can provide this complete set of services, simplifying and accelerating innovation for our customers.