With OVH on the stock market, does Europe finally have a chance to shine in the cloud?

by Kelvin
With OVH on the stock market, does Europe finally have a chance to shine in the cloud?

The French host OVH signed its IPO on October 15. In front of Amazon, Google and Microsoft, the company has succeeded in carving out a place of choice for itself in the cloud industry, in addition to giving its letters of nobility to the French Tech movement.

A few days after a major outage that immobilized OVH for a little over an hour, Octave Klaba is still smiling. The founder of the company has just signed a rather successful IPO which brings the valuation of the company to 3.5 billion euros. For the occasion, the Secretary of State in charge of digital Cédric O made the trip, too happy to be able to support a French Tech company in this adventure.

  

French-Tech standard bearer

Founded in 1999, the French host experienced its first success long before the creation of the label by Fleur Pellerin in 2014. Despite this, OVH has nevertheless become one of the flagship of the movement. Today, the company supports many French startups within a dedicated program. During the 8 minutes of speech of the IPO, French Tech was mentioned 4 times, framed by numerous mentions to the “”.

At a time when the American digital giants are becoming more powerful than ever, to the point of attracting the wrath of European and American antitrust, OVH is, according to Cédric O, “”. “S”, adds the Secretary of State for digital.

In front of Google, Amazon and Microsoft

The bet was indeed daring. In an extremely competitive cloud market, where Google, Microsoft and Amazon arrogate almost 60% of industry revenues, bringing about the emergence of a European player was not won. The company is also the only European player to appear in the global Top 10 of the cloud market. The market weighs 130 billion dollars worldwide. But, as Les Échos points out, the competition is tough, since for each euro pocketed by OVH, Amazon and Microsoft are repatriating 60 and 25 respectively.

This growth has not been without a hitch. Before the October 13 blackout, a devastating fire had affected its data center in Strasbourg, devouring entire servers and causing the data of many customers to go up in smoke. In the midst of the global semiconductor shortage, the French company is also trying to put new servers online to meet customer demand.

Government support

Delighted to have a French cloud giant, the government is welcoming OVH to its in 2013 which is already targeting “thanks to one”. After the fire of March 2021, Olivia Grégoire, Secretary of State to the Minister of the Economy, promises to “” Octave Klaba in the rehabilitation of the Strasbourg site, considering that the company “”.

The listing of the OVH “unicorn” is all the more symbolic as other Franco-European projects, such as the search engine Qwant for example, have not succeeded in establishing themselves in the same way. Rather discreet, only really standing out when there is a problem on its network, OVH has managed to slowly establish itself as a major European player in a hyper-competitive sector. A nice feat that announces, however, the coming years full of challenges, if the company wants to continue to grow against the American giants.