Infomaniak, a Swiss cloud and IT services provider, is merging with Perrot Duval through a reverse takeover, a process that will elevate the company to Swiss market listing under the ticker ‘Info.’ The deal, announced in July 2026, values Infomaniak at 200 million Swiss francs, a significant increase from Perrot Duval’s pre-deal capitalization of around 10.3 million francs. The transaction aims to facilitate Infomaniak’s public market debut without the lengthy and costly traditional IPO process, a common strategy for private firms seeking access to capital markets. Perrot Duval, which has traded on the SIX Swiss Exchange since 1905, has struggled to attract buyers, with a failed sale attempt in 2025 to investors from the Middle East. Its share price had languished at between 5 and 15 million francs before the deal’s announcement, prompting a near-doubling to 115 francs upon Infomaniak’s involvement.
Infomaniak’s acquisition of Perrot Duval will restructure the latter into a ‘clean shell’ by divesting its non-core industrial activities through a management buyout of Füll Process Group. The new entity will retain Infomaniak’s management, including CEO Marc Oehler, CTO René Luria, and CIO Boris Siegenthaler, who will continue leading the company. Infomaniak’s financials reflect steady growth: its 2025 revenue was 54.2 million francs, up from 47.6 million in 2024, with first-half 2026 revenue at 31 million francs—a 16.2 percent increase. EBITDA for the same period stood at 11.6 million francs, while net income reached 3.5 million francs, with an operating margin exceeding 35 percent. The company employs over 300 staff and serves roughly 300,000 paying customers across Europe.
The valuation of 200 million francs—equivalent to nine times Infomaniak’s 2025 EBITDA—positions the company favorably against international peers, where cloud providers typically trade at 13 to 15 times EBITDA. However, critics note that ongoing infrastructure expansion could dilute shares if capital expenditures exceed expectations. The deal also introduces a dual-class share structure: publicly traded B-shares and non-voting A-shares held by Infomaniak’s founding trust, which retains 63.3 percent of voting rights. This structure limits public investor influence, though the trust has committed to selling up to 20 percent of its shares within a 12-month lock-up period to enhance liquidity.
Reverse takeovers have historically yielded mixed results. While some, like the 2021 VT5 Acquisition Company’s SPAC deal with R&S Group, delivered strong returns, others—such as Evolva’s 2009 takeover of Arpida or Cytos Biotechnology’s 2016 merger with Kuros Biosciences—have failed to deliver value to shareholders. The recent Centiel acquisition of Hochdorf saw a 50 percent share price increase, but past failures underscore the risks. Investors should weigh the potential benefits of public market access against the structural constraints of Infomaniak’s dual-class share structure and the uncertainty surrounding future capital expenditures.
The transaction hinges on two critical milestones: approval from Perrot Duval’s shareholders on September 24 and regulatory clearance from the Swiss market authority. If approved, Infomaniak’s shares will begin trading on September 28 under the ‘Info’ ticker.
