French OVHcloud re-commits to IPO after fire, gives no timetable

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A view shows the damaged building of French cloud computing company OVHcloud after a fire broke out early Wednesday in Strasbourg, France, March 10, 2021. REUTERS / Christian Hartmann / File Photo

French cloud computing service provider OVHcloud re-engaged in an initial public offering (IPO) on the Euronext stock exchange (ENX.PA) in Paris on Monday, but did not provide any timeline or fundraising target.

The family-owned business originally announced its plans in March, two days before a major fire destroyed one of its data centers in eastern France – a disaster that had raised concerns about its ability to become public. Read more

On Monday, he reconfirmed his plans and disclosed basic annual operating profit for the first time, saying earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 255 million euros (309 million euros). dollars) in 2020.

He did not provide a comparable figure for 2019.

Sales totaled 632 million euros in 2020, OVHcloud said, reflecting growth of around 5% over the previous year, according to 2019 revenue released to reporters earlier.

This compares to the 30% annual net sales growth reported by Amazon Web Services, the cloud computing arm of Amazon, which is the global market leader. Amazon, along with Microsoft’s Azure and Google Cloud, dominate the industry.

OVHcloud said in its statement that its revenue has grown at an average annual rate of over 20% over the past 10 years.

The fire, which is still under investigation, disrupted millions of websites, destroying the portals of government agencies, banks, stores, news sites and part of the web space. FR, according to Internet monitors.

The company then had to close two other data centers on the same site in Strasbourg after the detection of smoke in an unconnected battery room.

Based in Roubaix near Belgium, OVHcloud employs 2,450 people and has more than 30 data centers around the world.

French politicians have championed OVHcloud as a possible alternative to US cloud service providers, but until now it lacked the scale and financial clout to shrink their market share.

The American investment companies KKR (KKR.N) and TowerBrook Capital Partners currently hold 20% of the capital of OVHcloud, after a combined investment of 250 million euros in 2016. The Klaba family owns the rest of the shares.

($ 1 = 0.8260 euros)

Our Standards: Thomson Reuters Trust Principles.

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