Infomaniak, a Swiss cloud and IT services provider, has finalized a $200 million reverse takeover from Perrot Duval, a long-standing Swiss-listed entity with minimal operational activity. The deal, announced in July 2026, aims to bring Infomaniak to the Swiss stock exchange without a traditional initial public offering (IPO). Perrot Duval, which had a market capitalization of around 10.3 million Swiss francs at the time of its prospectus filing in September 2025, will absorb Infomaniak’s outstanding shares in exchange for new Infomaniak stock. The transaction is pending approval from Perrot Duval’s shareholders on September 24, 2026, and regulatory clearance from the Swiss stock exchange regulator. Infomaniak’s shares, trading under the ticker ‘Info,’ are set to begin trading on September 28, 2026.
Infomaniak’s founders, including Boris Siegenthaler, and the company’s existing stakeholders—including the Infomaniak Foundation—will retain a majority stake in the merged entity. The acquisition is structured to eliminate Perrot Duval’s remaining industrial operations through a management buyout of Füll Process Group, leaving behind a ‘clean shell’ for the new listing. The deal does not involve raising new capital for Infomaniak, focusing instead on leveraging the public markets for future financing.
Infomaniak reported a 2025 revenue of 54.2 million Swiss francs, up from 47.6 million in 2024. First-half 2026 revenue stood at 31 million Swiss francs, a 16.2 percent increase year-over-year, with net earnings of 3.5 million Swiss francs and an operating margin exceeding 35 percent. The company employs over 300 staff and serves approximately 300,000 paying customers across Europe. Its cloud and IT services business is valued at nine times its 2025 EBITDA, a valuation considered relatively inexpensive compared to peers in the sector, which trade at 13 to 15 times EBITDA.
Infomaniak’s dual-class share structure—comprising publicly tradable B-shares and non-voting A-shares held by the Infomaniak Foundation—limits public investors’ influence, as the foundation retains 63.3 percent of voting rights. Founders and major shareholders have agreed to a 12-month lock-up period for the new shares, though they may sell up to 20 percent of their holdings during this period, depending on market conditions. This could temporarily dilute the value of the new shares, though analysts suggest caution remains warranted.
Reverse takeovers have a mixed track record. While some, such as the 2021 VT5 Acquisition Company’s acquisition of R&S Group, have delivered strong returns, others—like Evolva’s 2009 takeover of Arpida and Cytos Biotechnology’s 2016 merger with Kuros Biosciences—have resulted in significant losses. The success of Infomaniak’s listing remains uncertain, though its operational growth and cloud infrastructure expansion may support long-term investor confidence.
Perrot Duval’s failed sale to Middle Eastern investors in April 2025 was a key catalyst for the reverse takeover. The company’s share price surged by over 100 percent following the announcement, reflecting investor optimism about the deal’s potential.
The transaction marks Infomaniak’s entry into the Swiss stock market, offering public investors access to its cloud and IT services business while preserving the foundation’s control over strategic decisions.
