On July 29, 2026, Infomaniak formalized its plan to list on the SIX Swiss Exchange via a reverse takeover of Perrot Duval Holding SA — a shell company listed since 1905. The transaction, subject to a shareholder vote on September 24, 2026, illustrates how a Swiss sovereign cloud champion can access public markets without ceding its independence or its data protection mission.
🔑 Key takeaways
- Infomaniak targets SIX via a reverse takeover of Perrot Duval Holding, with a pivotal shareholder vote on September 24, 2026.
- The Infomaniak Foundation will hold a majority of voting rights through a dual-class share structure (A and B).
- 2025 revenue: CHF 54.2 million (+14% vs CHF 47.6M in 2024), self-financed for 30 years.
- Global sovereign cloud spending: $80.4 billion in 2026, up from $60 billion in 2025.
- AWS is committing €7.8 billion to its European Sovereign Cloud in Brandenburg to counter this trend.
A reverse takeover engineered to preserve independence
Rather than pursuing a conventional IPO — with its roadshows, bookbuilding and market-timing risks — Infomaniak opted for a reverse takeover, a well-established pathway in Switzerland that allows a private company to become publicly listed by absorbing an existing listed entity.
In practice, Perrot Duval Holding SA will first divest its historical industrial activities at an extraordinary general meeting scheduled for September 24, 2026, then issue new shares to Infomaniak’s existing shareholders. The Infomaniak Foundation, founder Boris Siegenthaler and certain employees will collectively hold the vast majority of the combined entity, which will be renamed Infomaniak SA and trade on SIX under that identity.
The prospectus is expected to be published around September 2, 2026, followed by approval from SIX Exchange Regulation. If either of the two transactions — the Perrot Duval divestment or the Infomaniak reverse takeover — fails, the entire structure falls apart.
« This step gives us the means to build a sustainable European alternative to the cloud giants, with the transparency of a Swiss listing and independence ensured by our Foundation. »
Boris Siegenthaler, Founder and Strategic Director of Infomaniak
A structural barrier to hostile takeovers
The most distinctive feature of the project is not the reverse merger itself, but the governance architecture it produces. The listed entity will have two classes of shares: B shares — the only ones admitted to trading on SIX — will carry economic rights (dividends, liquidation proceeds) but limited voting power; A shares, unlisted, will concentrate preferential voting rights and be held exclusively by the Infomaniak Foundation.
This architecture is formalized through a Shareholding Charter signed before a notary, which enshrines nine principles of public interest — independence, digital sovereignty, privacy, environmental responsibility. The Foundation Board can strengthen these principles but never weaken them. It does not manage the company — that responsibility remains with the board of directors and executive team — but acts as a permanent guardian of Infomaniak’s mission. The practical consequence is considerable: no outside investor, regardless of how many B shares they accumulate, can take control of Infomaniak without the explicit consent of the Foundation.
A profitable, self-financed challenger to the hyperscalers
Infomaniak’s financial profile is atypical for a technology company preparing to list. Founded in Geneva in 1994 as a web host before pivoting toward on-demand cloud services from 2017 onward, the company has been profitable and self-financed for more than three decades. In 2025, it generated revenue of CHF 54.2 million, up from CHF 47.6 million in 2024 — organic growth of approximately 14%.
| Indicator | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue | CHF 47.6M | CHF 54.2M | +14% |
| Headcount (Switzerland) | ~310 | 340+ | +10% |
| Paying customers | ~270,000 | ~300,000 | +11% |
| Financing | Self-financed | Self-financed | — |
This trajectory of profitable growth — without a single franc of outside capital — contrasts sharply with the model of technology « unicorns » that seek to justify high valuations through usage metrics rather than accounting results. Infomaniak also operates its infrastructure entirely on renewable energy, with a significant portion of waste heat fed back into the Geneva district heating network.
The European sovereign cloud boom: an $80 billion market
Infomaniak is reaching public markets at a moment when the European sovereign cloud narrative has never been more compelling. Global sovereign cloud spending is forecast to reach $80.4 billion in 2026, compared with approximately $60 billion in 2025 and $42 billion in 2024 — a 35% year-on-year increase.
Three drivers underpin this trend. The US CLOUD Act allows American authorities to compel US-domiciled technology companies to hand over data regardless of where it is stored. Europe’s GDPR framework creates direct legal conflicts with that provision. And geopolitical awareness is accelerating: critical infrastructure, healthcare data, public administration — dependence on providers subject to non-European jurisdictions is increasingly viewed as a systemic risk.
The response from US hyperscalers has been swift but, critics argue, insufficient. AWS launched its European Sovereign Cloud in Brandenburg in early 2026 with a €7.8 billion commitment. Microsoft Azure and Google Cloud have developed data residency features for their European installations. Yet these moves do not resolve the fundamental legal tension: a US company, subject to US law, operating European data infrastructure.
Timeline and key watchpoints
The transaction is on a tight and conditional timetable. The prospectus is expected around September 2, 2026, followed by Perrot Duval’s extraordinary general meeting on September 24, 2026, which will vote on both the divestment of industrial activities and the Infomaniak reverse takeover. If both resolutions pass and SIX Exchange Regulation grants its approval, completion is targeted for around September 25, 2026, with trading in the new shares expected to begin shortly thereafter.
Financial markets reacted to the announcement with caution: Perrot Duval shares fell as much as 9.8% in the immediate aftermath, reflecting existing shareholders’ unease about an unknown quantity entering their structure rather than any fundamental judgment on Infomaniak’s business.
A listing in service of the mission
In essence, Infomaniak has not allowed the logic of capital markets to dictate its strategy: it has re-engineered that logic to serve its mission. The reverse merger delivers the listing; the Foundation guarantees independence; the dual-class shares ensure continuity; the self-financed, profitability-focused model provides a rare financial foundation at this stage of development.
For European customers, the stakes are clear: a cloud infrastructure legally and structurally anchored in Europe, capable of competing with the investment firepower of US hyperscalers. For investors, the test will be whether the Foundation can preserve the long-term mission while meeting the quarterly demands of a listed company. By embedding independence in legal architecture rather than a founder’s personal promise, Infomaniak has turned that question from a matter of goodwill into a matter of law. In the European cloud wars, that may prove to be the most durable competitive advantage of all.
Sources
- Infomaniak — Press release, July 29, 2026
- HostingDiscussion — Swiss host Infomaniak lists on stock exchange while staying takeover-proof
- Le Temps — Infomaniak projette d’entrer en bourse
- Next.ink — Le Suisse Infomaniak se prépare à entrer en bourse
- Agefi.com — Infomaniak prépare son entrée à la Bourse suisse via Perrot Duval
- Linos.ai — AWS vs Azure vs Google Cloud 2026 (sovereign cloud spending data)
This article is published for informational and educational purposes. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
