Infomaniak goes public while blocking takeovers

Swiss hosting and cloud provider Infomaniak is entering public markets through an unconventional structure designed to prevent external takeovers. The company, known for its privacy-focused services, has opted for a reverse merger with Perrot Duval Holding, a long-established Swiss industrial firm, rather than a traditional initial public offering (IPO). This approach allows Infomaniak to access public capital while maintaining control over its long-term direction.

How the listing works

Infomaniak announced on July 29 that it would merge into Perrot Duval, a company that has been publicly traded since 1905. Under the terms of the deal, Perrot Duval will acquire all of Infomaniak, and Infomaniak’s existing owners will receive newly issued shares in Perrot Duval. The combined entity will operate under Infomaniak’s name moving forward. To facilitate the transition, Perrot Duval has agreed to divest its stake in a cosmetics and automation business, shifting its focus entirely to Infomaniak’s operations.

The most notable aspect of the transaction is the governance structure. The Infomaniak Foundation, a public-interest entity, will retain majority voting control through shares that are neither listed on exchanges nor transferable to outside parties. The company’s founder and select employees will also hold significant voting power, ensuring that insiders maintain a decisive majority. While external investors can purchase shares, they will not gain control, and any potential takeover would require the foundation’s approval. This setup contrasts sharply with recent trends in European hosting, where private equity firms have increasingly absorbed independent providers into larger consolidations.

Why the structure matters

Infomaniak’s decision to pursue a reverse merger with a foundation-controlled governance model reflects its commitment to maintaining independence. The company has operated without external funding since its founding in 1994, and this move allows it to raise capital for expansion while preserving its privacy-focused mission. The funds are earmarked for new Swiss data centers, which the company positions as part of a broader push to meet European demand for sovereign cloud services—infrastructure where data and legal jurisdiction remain within Europe rather than relying on US-based providers.

The market’s initial reaction has been mixed. Perrot Duval’s shares dropped by nearly 10% following the announcement, a decline attributed to concerns about Perrot Duval’s existing financial position rather than Infomaniak’s prospects. The deal is expected to proceed pending regulatory approval, with a shareholder vote later this month.

What’s next

If the merger closes as planned, Infomaniak will gain access to public capital markets, which could accelerate its expansion plans. The company has emphasized that the funds will support the construction of additional data centers in Switzerland, aligning with its focus on sovereign cloud services. However, the governance structure ensures that any major strategic shifts—such as a sale or significant change in business direction—would require approval from the Infomaniak Foundation, limiting the influence of external shareholders.

For industry observers, the move raises questions about whether other independent hosting providers might adopt similar structures to resist consolidation. While Infomaniak’s approach is tailored to its specific priorities, it offers a potential blueprint for companies seeking public capital without sacrificing control.