Infomaniak, the Swiss host and cloud provider that has built itself over three decades into a privacy-first, independent alternative to the American hyperscalers, is going public. On July 29 it said its shareholders had agreed to list on the SIX Swiss Exchange, not through a conventional flotation but by reversing into Perrot Duval Holding, a Swiss company that has been listed since 1905. The more telling part is what the deal is built to prevent: even as a public company, Infomaniak will be almost impossible to take over. This is a listing meant to raise the company’s profile and its access to capital without loosening its grip on itself.

A Reverse Takeover of a Company Listed Since 1905

The mechanics are unusual, and the result is stranger still: a company that has traded on the Swiss exchange for more than a century is about to become a cloud provider. Rather than float new shares to the public, Perrot Duval will acquire 100% of Infomaniak, and Infomaniak’s owners will receive newly issued Perrot Duval shares in exchange, created through a capital increase. The combined entity will be renamed Infomaniak SA. Perrot Duval, historically a small industrial holding company, is clearing out its old life to make room: alongside the deal it has agreed to sell its entire stake in Füll Process, a business spanning decorative cosmetics and process automation, to that unit’s own management.

The timetable runs through the autumn. Infomaniak expects to publish a prospectus around September 2, Perrot Duval’s shareholders vote on September 24, and the transaction, subject to approvals from the SIX Exchange Regulation review office and the SIX Regulatory Board, is expected to complete around September 25, with the new shares listed later. No valuation and no capital-raise figure have been disclosed, which is a signal in itself: this is a route onto the public market rather than a scramble for cash.

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Public, and Deliberately Hard to Buy

The reason a privacy company can list without fear of being swallowed sits in the share structure. The Infomaniak Foundation, a public-interest body, remains the reference shareholder and keeps the majority of the voting rights through unlisted, non-transferable shares. Together, the foundation, the founder, and certain employees will keep the large majority of the listed company. In plain terms, outside investors can buy in, but they cannot buy control. No takeover can happen without the foundation’s consent.

That is a pointed choice in a market where independence has mostly been something hosts lose. Over the past year this publication has tracked a steady run of European hosting brands folded into private-equity roll-ups and larger groups. Infomaniak is doing close to the opposite: reaching the public market while writing permanent independence into its own structure. For a company whose entire pitch is that customer data stays out of foreign and shareholder hands, that arrangement is not a footnote. It is the product.

Why an Independent Chose the Market, Not a Buyer

Infomaniak frames the listing as a way to accelerate its infrastructure while preserving independence, and specifically to build new Swiss data centres for the growing European demand for sovereign cloud, services whose data and jurisdiction stay on the continent rather than with US providers. The company is not small for its niche: CHF 54.2 million in 2025 revenue, up from CHF 47.6 million in 2024, more than 300 staff, and around 300,000 paying customers, self-financed since 1994 and reinvesting its profits since 2017.

Going public gives it a currency and a route to capital it did not have as a private, self-funded firm, which matters when the thing you need to buy is data-centre capacity in a hardware market that has turned expensive. The first market read was cautious on the other side of the trade: Perrot Duval shares fell as much as 9.8% after the announcement as the holding reported a wider loss, a reaction to Perrot Duval’s own position rather than a verdict on Infomaniak. For the hosting industry the more durable point is the template. An independent European host has found a way to tap public markets for the money to compete on sovereignty, and to keep its independence as a written rule rather than a founder’s promise. Whether others can copy it is the open question, because most do not have a controlling foundation to lean on.

About the Data

This account draws on Infomaniak’s own announcement and on Swiss financial and technology press covering the transaction, including Le Temps, swissinfo, cash, finanzen.ch, and Next.ink. The reverse-takeover mechanics, the September timetable, and the foundation’s retained voting control are stated by the company and corroborated across those outlets. No valuation or capital-raise amount has been disclosed, so figures here are limited to the revenue, headcount, and customer numbers Infomaniak reports, plus the share-price move quoted for Perrot Duval, not Infomaniak. The listing remains subject to shareholder and regulatory approval.