France's information-technology service firms
After the transition to year 2000 and the introduction of the euro, the French IT-services market experienced a downswing that led to restructuring in 2001 and 2002. The share of medium-sized firms in the sector, which had been substantially weakened as early as 2000, has trended down since 2002. The IT sector is driven by micro-enterprises and very large corporations, which are still creating jobs. Enterprise groups have increased their presence, notably thanks to the waves of takeovers that accompanied the crisis of the early 2000s. The first targets were small businesses that were profitable but troubled owing to out-of-control wage costs; deeply troubled companies came next. The takeovers allowed a financial and business turnaround in the acquired entities.