After accumulating significant financial losses—€12 million in 2024 and €10.9 million in 2023—French digital twin and 3D modeling firm Siradel has changed hands. Energy group Engie has divested the Brittany-based company to Verdoso, a French family office specializing in acquiring and restructuring struggling enterprises. Paul Lacoin has been appointed chief executive officer to lead the turnaround effort.
Financial Struggles Prompt Ownership Change
Siradel’s recent financial performance reveals a company under pressure. According to published accounts, the firm recorded a net loss of approximately €12 million in fiscal year 2024 on revenues of €13.3 million, following a €10.9 million loss the previous year. Operating losses reached €6.4 million in 2023. The consecutive years of substantial deficits appear to have prompted Engie’s decision to exit its ownership position.
Founded in 1994 in Rennes and headquartered in Saint-Grégoire in the Ille-et-Vilaine department, Siradel employs approximately 100 staff and specializes in wave propagation modeling, 3D territorial mapping, and digital twin solutions for telecommunications operators and municipalities. The company has delivered projects across more than 700 cities spanning five continents, serving major clients including Free, Bouygues, and Japan’s SoftBank.
Verdoso Brings Restructuring Expertise to the Table
Verdoso describes itself as a French family office specializing in acquiring companies facing financial difficulties or requiring substantial transformation. Founded in 1997 by Franck Ullmann, who holds an MBA from the Wharton School, the firm has completed 34 acquisitions over nearly three decades, with particular expertise in carve-outs—transactions where large corporations divest non-core or underperforming subsidiaries.
The investment group’s portfolio includes companies previously owned by major industrial groups such as Arcelor, Elf Atochem, Schneider Electric, Pernod Ricard, Lafarge, and Natixis. Verdoso currently controls 14 enterprises with a combined workforce of 2,600 employees generating approximately €600 million in annual revenue. The firm typically takes an operational approach to restructuring, deploying expertise in finance, operational excellence, supply chain optimization, and technology to establish sustainable growth trajectories.
Unlike traditional private equity funds with fixed exit horizons, Verdoso invests its own capital without predetermined divestiture timelines, positioning itself as a long-term industrial partner rather than a financial sponsor.
New CEO Tasked With Transformation
Paul Lacoin assumes the chief executive role with a background spanning strategy consulting and critical infrastructure digitalization. An École Polytechnique graduate, Lacoin worked at McKinsey & Company advising industrial and technology corporations on performance improvement, transformation initiatives, and external growth strategies.
Since 2020, Lacoin served at Lacroix Group, most recently as strategic projects director, focusing on digitalization of critical infrastructure through the company’s City division. Lacroix City operates in smart road infrastructure, traffic management systems, and connected mobility solutions across France and Europe—domains with significant overlap to Siradel’s municipal technology offerings.
Lacoin has characterized Siradel’s telecommunications business as operating in a dynamic market, with ongoing 5G deployments driving demand for precise antenna placement optimization. The company’s 3D modeling capabilities also support municipal planning applications including urban heat island mapping, photovoltaic potential assessment, and zoning impact simulation.
Engie Exits Non-Core Asset Amid Strategic Refocus
Engie acquired Siradel in 2016 as part of broader smart city ambitions, integrating the firm’s 3D urban modeling capabilities into its vision for becoming a partner to cities in energy transition and urban transformation. However, the Paris-based energy group has since sharpened its strategic focus on core activities: renewable energy production, battery storage, electricity and gas networks, and decarbonization services.
The divestiture aligns with Engie’s ongoing portfolio optimization program, which targets €4 billion in asset disposals between 2025 and 2027. The group has been systematically pruning non-strategic holdings while concentrating capital investment on its energy transition objectives.
Market Opportunity Despite Company Challenges
The acquisition occurs against a backdrop of substantial projected growth for digital twin technology in urban applications. Industry analysts estimate the global smart city digital twin market could expand from approximately $6.2 billion in 2024 to over $70 billion by 2033, representing a compound annual growth rate exceeding 32 percent.
Whether Siradel can capture a meaningful share of this expanding market will depend on Verdoso’s ability to restructure operations and return the company to profitability. The firm has delivered notable projects including comprehensive 3D digital twins for Monaco and Rio de Janeiro, suggesting underlying technological capabilities that could support a recovery if financial performance improves.
