Atos is a publicly listed French multinational information technology services and business consultancy company which has experienced static growth in its stocks since its initial public offering (IPO) in 1995. However, since the heyday of 2017 when the stock peaked (ca. EUR 100 per share) 1 the market price has dropped and stabilized at around 30% of its all-time high. Having a strongly proclaimed constant growth strategy and a substantial track record of inorganic growth undertakings, Atos currently finds itself in a situation of high expectations and high financial pressure. This was especially true given its FY19 debt of EUR 1.7 billion. To build, buy, or ally now becomes a fundamental question for the stakeholders involved, as strategic recalibration is on the horizon.