OVHCloud goes public – economy

According to JDD, the French cloud computing company should confirm this Monday, June 14 its intention to go public within Euronext. A new step to try to compete with the American giants.

OVHCloud intends to compete with the American giants

The French group OVHcloud, Europe’s leading provider of cloud computing services storms the Paris Stock Exchange. In any case, this is what revealed the Sunday newspaper in its edition of June 13, 2021, which according to exclusive information ensures that the group will officially announce its IPO on Monday, June 14, 2021.

Founded by businessman Octave Klaba in 1999, Ovhcloud is the largest cloud service provider installed in Europe. There are other French players in this sector such as Scaleway and Outscale, a subsidiary of Dassault System. But Ovhcloud is the only provider that can compete with the US giants Amazon Web Services AMZN.O, Azure from Microsoft MSFT.O and Google Cloud from Alphabet GOOGL.O, which dominate the market.

Objective of listing on Euronext

The company had announced its intention to go public in March but on the night of March 9, two days after its announcement, the Strasbourg site of OVH had been set on fire. Huge amounts of data for customers who had not made a backup was destroyed, with one of the data centers being completely destroyed by fire.

We don’t know yet the valuation of the group, which remains very discreet about its annual results. She was assessed at 1.2 billion euros in 2016, it should at least exceed two billion euros, if the consequences of the fire have not cooled investors too much. The French group aims to list on Euronext.