OVHcloud’s founder Klaba set to acquire search engine Qwant – Nasdaq
By Mathieu Rosemain
PARIS, April 11 (Reuters) – Octave Klaba, the founder of French cloud computing services company OVHcloud OVH.PA, is set to take control of struggling search engine Qwant following a deal with public lender Caisse des Depots et Consignations (CDC).
Once touted as the “French Google” by President Emmanuel Macron, Qwant failed to gain market share against the dominant Alphabet unit GOOGL.O despite continued support by the government, which made it the default search engine for the state administration.
Qwant will be acquired via a newly created entity, Synfonium, which will be 75% owned by Octave Klaba and his brother Miroslaw, they said in a joint statement with CDC and Qwant.
CDC will own the remaining 25% shares in Synfonium.
(Reporting by Mathieu Rosemain; editing by Sudip Kar-Gupta and Jason Neely)
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