The leading European cloud
OVHcloud is the leading Europe-based cloud services provider, uniquely positioned to capitalize on the rapidly growing cloud market.
The Group provides business customers with a comprehensive suite of solutions designed to capture growing demand for multi-cloud and hybrid cloud strategies, while meeting the surging demand for data sovereignty and trusted cloud solutions.
Founded by Octave Klaba in 1999 and led by its CEO Michel Paulin, OVHcloud provides 1.6 million customers – composed largely of SMBs, large and tech enterprises, as well as the public sector – with a comprehensive suite of solutions in private, public and web cloud, leveraging its global network of 33 data centers, hosting 400,000 servers across 4 continents.
With approximately 2,400 employees, OVHcloud operates a vertically integrated model, giving it full control over the value chain and allowing it to combine market-leading performance, price predictability, full flexibility and scalability. With its original strategy to design and manufacture its own servers, OVHcloud is a pioneer in sustainable cloud, with a steady track-record of innovation in eco-friendly technology.
In FY2020, OVHcloud revenues were €632 million, adjusted EBITDA was €263 million, and current EBITDA was €255 million. OVHcloud also successfully pursued its international expansion strategy, with sales outside France representing circa. 50% of total sales in FY2020.
With this IPO project, OVHcloud aims to strengthen its position as the only pure-play, scaled European cloud champion, and to further expand its global footprint on other continents.
We present some key figures below. Some of the terms are technical, and they are defined in our Registration Document, which has been filed with the French Financial Markets Authority.
 Number of customers who generated revenue at least once in FY2020.
 Fiscal year ended August 31.
 Adjusted EBITDA means current EBITDA adjusted to exclude share-based compensation expenses and expenses resulting from the payment of earn-outs.
European pure cloud player
years of existence
of the servers made of reused components
million FY2020 revenues
million FY2020 adjusted EBITDA
million FY2020 current EBITDA
FY2010-FY2020 revenue CAGR
 Countries in which our customers are present.
 CAGR: Compound annual growth rate.
History and key milestones
An exciting 20-year-long journey to build a leader in open and trusted cloud services
OVHcloud enters partnerships with IBM and Atempo, Atos, Orange Business Services, Capgemini, mongoDB, and Thales. The Group receives the French SecNumCloud highest security certification. It acquires the cybersecurity company BuyDRM.
OVHcloud becomes a founding member of the GAIA-X initiative and establishes partnerships with T-Systems and Google (Anthos). OVHcloud acquires OpenIO to offer open storage for public and private cloud.
OVH becomes "OVHcloud" to emphasise its position as a pure player of the cloud. Michel Paulin is appointed Managing Director of the Group.
OVH acquires vCloudAir, VMware's former cloud service. Continued geographic expansion with the opening of new data centers, notably in Singapore and Australia.
Investment funds KKR and TowerBrook invest in the Group and become minority shareholders.
OVH establishes itself in the United States and Canada.
The Group continues to expand in Europe (Italy, Portugal, the United Kingdom, the Netherlands, Ireland, Finland, Lithuania, the Czech Republic).
The Group opens its first subsidiaries in Poland and Spain, and launches its first data centre in Roubaix, France.
OVH introduces its exclusive watercooling technology for its servers.
OVH begins building its own servers.
Octave Klaba creates OVH, driven by the vision of an open, free and transparent web.
A large and fast growing market
A large and fast growing market fuelled by strong and sustainable demand
OVHcloud is well positioned on a large and fast-growing market. According to market studies, this market is expected to be between 630 and 680 billion euros by 2025 and is expected to grow at a compound annual rate greater than 20% every year.
This market is fuelled by a sustainable and exponential demand.
Digital transformation of the economy, companies born in the cloud and rise of Netizenship are driving exponential generation of data, that need to be computed and stored.
Alongside these existing trends, OVHcloud expects disruptive technologies, such as hyperconvergence, edge computing or containerization, to be also exponential drivers of cloud usage in the coming years.
A large and fast growing market shaped by structural megatrends
OVHcloud’s market is also shaped by structural mega trends: dominant multi-cloud and hybrid cloud solutions and emerging concerns for data sovereignty.
OVHcloud fits to this multi or hybrid cloud model, as its solutions are open, interoperable, and reversible. Thanks to its European-based offering, entirely separate from its US operations, OVHcloud believes that its data sovereignty solutions are unmatched among leading cloud providers as they offer a complete immunity from extraterritorial laws.
A large and fast growing market...
...fuelled by sustainable and exponential demand...
...and shaped by structural megatrends.
Positioning OVHcloud for accelerated growth by growing key customers, offering new PaaS solutions, and expanding internationally
OVHcloud is well positioned to capitalize on the rapidly growing cloud market and intends to strengthen its position as the trusted European cloud champion.
The Group’s strategy is based on 4 pillars of future value creation:
Growing key client segments in core markets
OVHcloud is pursuing a growth strategy tailored to its three main customer segments with whom it interacts through digital, direct and indirect channels:
- Tech & Software Companies
- SMBs, Corporates & Public Entities
- White-Labelers & Resellers
OVHcloud addresses each of these customer segments with product offerings, marketing channels and approaches tailored to their needs.
As the trusted cloud by design and by commitment, OVHcloud is building upon its sovereignty solutions to answer the rising demand for data sovereignty, by: (1) providing Trusted Zone Sovereign, a solution that is of primary interest to SMBs, corporates and public entities, (2) developing security & data protection technology via innovation, acquisitions and partnerships, (3) educating on sovereignty issues through “open trusted cloud” and Gaia-X.
Addressing a larger market via new cloud usages
OVHcloud intends to expand its addressable market by integrating new offers tailored to additional cloud usages: high-performance computing for artificial intelligence and machine learning, database management solutions, high-performance storage, security & data protection etc.
OVHcloud aims to offer seamless integrated IaaS (Infrastructure as a Service) and PaaS (Platform as a Service) solutions, building on the Group’s core solutions in private and public cloud. On the PaaS market, the Group intends to develop dedicated solutions via a mix of internal R&D, integration of partners technologies and targeted technology acquisitions.
Strengthening European leadership and growing outside of Europe
As the only European player of scale, accredited with wide range of local European certificates, OVHcloud aims to consolidate its European leadership.
Active in the US since 2012, the Group aims to further expand in the US and Americas (Canada, South and Central America). OVHcloud is well positioned to serve both European clients in the US and the Americas and American clients looking to align with the high level of data security requirements in Europe.
OVHcloud intends to increase its footprint in Asia and Australia, where the Group already operates three data centers. The Group is also studying expansion opportunities in India, Indonesia, Japan, South Korea and Thailand, which are considered high potential markets.
Rolling out a targeted, value creative M&A strategy
OVHcloud's M&A strategy aims to support its growth acceleration. It is twofold:
- Expand the breadth of the PaaS product offering, by integrating software technology and talent pool (target ranging from start-up technology bricks to mature-at-scale solutions);
- Expand customer footprint in Europe, by acquiring mature cloud or web cloud peers with complementary customer bases in an opportunistic approach.
Leading the way in sustainable cloud with more than 20 years of visionary innovation
OVHcloud’s commitment to sustainability
Since its inception, OVHcloud has promoted a sustainable innovation strategy, with the development of patented, environmentally-friendly technologies in its datacenters such as watercooling (developed by the Group in 2003), which eliminates the need for air conditioning, and its circular economy initiatives, through the reconditioning of servers.
The Group intends to reduce its environmental impact at every stage of a server's lifecycle, in particular through the design and construction of its data centers, the recycling of components for its various product offerings, and the extension of the lifespan of its hardware. Similarly, since its creation, OVHcloud has been committed to reducing waste and minimizing its energy consumption.
Today, 45% of OVHcloud's servers are made from reused components. 26 of the Group's 33 data centers are housed in reused industrial buildings.
OVHcloud has set ambitious targets in terms of sustainable development.
on operations by 2025
of renewable energy by 2025
waste to landfill by 2025
A demonstrated track record in sustainable cloud
A pioneer in sustainable cloud through innovation
2nd & 3rd
life of servers, favouring circular economy
components sorted and valued
reuse of existing building for data centers
of renewable energy in FY2020
Leadership and values that foster a culture of collaboration
OVHcloud is committed to building an empowering & inclusive culture:
A proven track record of strong and steady profitable growth
A cloud leader at scale, ready to accelerate
Today, OVHcloud is the leading Europe-based cloud services provider, with €632 million of revenues, €263 million of adjusted EBITDA, and €255 million of current EBITDA recorded in FY2020.
OVHcloud has experienced substantial revenue growth since it was founded in 1999.
OVHcloud estimates that its revenues have grown at a compound annual rate of more than 20% from FY2010 to FY2020, as it emerged as a cloud leader and drove to enhance scalability with a view to accelerating its future growth in the dynamic, global cloud market.
- In FY2017, OVHcloud began to focus on expansion, diversifying its product mix towards faster growing segments of the cloud market (such as Hosted Private Cloud and public cloud), a broader range of business customer segments (including a focus on capturing cloud migration projects of corporate customers), and geographic expansion.
- In FY2018, OVHcloud implemented steps to rationalize corporate processes and adapt the Group’s structure to that of a larger, global scale company. By FY2020 OVHcloud believes it had solidly positioned itself for profitable growth and expansion, with a focus on product innovation and a revamped go-to-market strategy.
- OVHcloud achieved substantial growth in revenues of 8.9% in FY2020 compared to FY2019, and a solid adjusted EBITDA margin of 41.6% of revenues (current EBITDA margin was 40.3%). Operating income (after depreciation and amortization of servers, data centers and other fixed assets and other non-current operating income and expenses) was €30.6 million euros, or 4.8% of revenues. Revenue growth in FY2020 was driven by increased traffic from technology and software customers whose activity increased during the pandemic, despite the deferral of new and upgraded product offerings, as well as the impact of the COVID-19 pandemic on some clients.
- In the first nine months of FY2021, OVHcloud’s business continued to grow compared to the same period of FY2020. The Group’s performance has been driven in particular by the public cloud segment and the dynamism of the digital channel across all segments and regions, offset by a negative foreign exchange effect, non-recurring factors in the United States, and the impact of the fire in Strasbourg.
On the night of 9-10 March 2021, a fire broke out in one of OVHcloud's four datacenters in Strasbourg (France), impacting OVHcloud's operating results in the third and fourth quarters of fiscal year 2021 (ending May 31, and August 31, 2021, respectively), and resulting in the issuance of credit notes to customers for interrupted service, the reduction of billed services and the issuance of vouchers to customers impacted by service interruptions.
Thanks to the strong support of its clients and partners, the Group has rapidly recovered from this incident, and continued to deliver double-digit underlying revenue growth, demonstrating the resilience of its business model. OVHcloud is well positioned to capitalize on the rapidly growing cloud market, and this one-off incident does not change the overall dynamics of its business and its potential future growth. Furthermore, OVHcloud has implemented a hyper-resilience roadmap to increase datacenter and network resilience and support customers with back-up solutions as well as recovery plans solution.
In addition, the Group received, in August 2021, a commitment from its insurers to pay by the end of September 2021 the amount of €58 million to cover the consequences of the fire.
 Adjusted for Strasbourg fire-related credit notes and vouchers
OVHcloud outperforms the market across all its segments
OVHcloud has three business segments defined by product line: (1) Private cloud (which includes Baremetal cloud and Hosted Private Cloud), (2) Public cloud, and (3) Web cloud.
- Baremetal Cloud
- In FY2020, Baremetal Cloud services accounted for 45.5% of the Group’s total revenues. The Baremetal Cloud was OVHcloud’s first cloud solution. The Group recorded compound annual revenue growth on the order of 12% in Baremetal Cloud solutions from FY2017 to FY2020.
- In France, which is OVHcloud’s largest Baremetal market, revenues have grown by 9% since FY2017, essentially in line with market growth over that period, despite the one-time impact in FY2020 of the loss of revenues from corporate customers in the travel sector, which was heavily impacted by the COVID-19 pandemic, offset in part by revenue generated from increased traffic among technology and software customers.
- Hosted Private Cloud
- Hosted Private Cloud solutions represented 16.1% of FY2020 revenues. OVHcloud was one of the first providers of Hosted Private Cloud solutions in France and Europe. Revenues have grown at a compound annual rate of 22% since FY2017.
- In France, compound annual revenue growth of approx.. 30% over this period has been significantly greater than that of the market (estimated at 19%); elsewhere in Europe, revenues grew at a compound annual rate of approximately 21%, in line with the estimated rate of market growth (estimated at 24%).
- Public cloud represented 13% of FY2020 revenues. OVHcloud has achieved significant growth in the public cloud market over the past few years from a relatively modest turnover in this segment. Public cloud revenues (excluding SaaS activity) have grown at a compound annual rate of 39% since FY2017, including 47% compound annual growth in France significantly above market growth.
- OVHcloud has only recently inaugurated public cloud activities in the United States, which is the largest and historically the fastest-growing market for public cloud services, and where OVHcloud aims to develop in the coming years.
- The web cloud represented 25% of FY2020 revenues. OVHcloud has been a leader in web cloud solutions in France for many years, a business that generates steady revenue growth and serves as an important entry point for cross-selling cloud solutions. OVHcloud’s revenues have grown at a compound annual rate of 11% since FY2017.
From a geographic perspective, OVHcloud’s revenues have become more diversified in recent years, with approximately half of OVHcloud’s revenues realized outside of France over the past three fiscal years, and approximately 20% realized outside of Europe.
OVHcloud expects its revenue base to continue to diversify geographically in the coming years, benefitting from the recovery of its U.S. business and the development of its geographical clusters outside France and Europe.
Short and mid-term outlook
The following objectives relate to potential future performance and are necessarily subject to uncertainty. They should be read with precaution and in conjunction with the more detailed presentation of such objectives contained in the Registration Document and the related assumptions.
OVHcloud is on track to materially accelerate its growth towards the mid-twenties
For the full year 2021, revenues are expected to range between €655 million and €665 million, factoring in an impact of €28.1 million related to the Strasbourg incident. Adjusted EBITDA margin is estimated between 38% and 40% and current EBITDA margin is estimated between 35% and 37%.
FY2022 revenue is targeted to grow 10-15% year on year.
By FY2025, OVHcloud aims to drive organic revenue growth towards the mid-twenties, propelled by (i) a favourable business mix effect through accelerating demand in its fast-growing public cloud and Hosted Private Cloud segments, (ii) addressable market expansion through a strategic increase in OVHcloud’s PaaS offering, (iii) accelerating international expansion and (iv) a unique positioning set to capture market tailwinds from increased hybrid- and multi-cloud solutions, as well as surging demand for data sovereignty.
The Group seeks to achieve these growth targets while maintaining its adjusted EBITDA margin in line with the FY2020 level.
No dividend payments are anticipated in the medium term with cash-flows expected to be re-invested to support the Company’s accelerating growth trajectory.
Executive leadership team
A strong executive leadership team delivering the OVHcloud vision
Each member of OVHcloud’s management team is committed to the Group’s mission to provide customers around the world with secure, trusted, open, sustainable cloud solutions.
Octave Klaba - Founder and Chairman
Born in Poland in 1975, Octave Klaba arrived in France at the age of 16. Passionate about computer science, he earned a computer science degree from ICAM Lille in 1999, and at the same time, created OVHcloud. 20 years later, Octave is still working on growing his business from his base in Roubaix, France.
Michel Paulin - CEO
Michel Paulin has spent most of his career in the IT, telecom and internet sectors. He was Chief Executive Officer of telecom company Neuf Cegetel, for which he led the initial public offering, Méditel (now Orange Morocco) and SFR. His appointment in 2018 reflects a new phase in the development of OVHcloud. Michel oversees the implementation of the strategic plan, aimed at consolidating OVHcloud's position as a leader in the cloud sector.
Yann Leca - EVP, Chief Financial Officer
Yann Leca is Executive Vice President and Chief Financial Officer of OVHcloud. He is responsible for the company’s corporate functions and manages all aspects of the financial scope, from accounting to corporate finance, real estate, procurement and pricing. Yann joined in January 2019, after 30 years in corporate financial functions, including 23 years as a CFO of large, international fast-growing companies.
Ludivine Boutry - Chief Digital Marketing Officer
Ludivine arrived at OVHcloud in February 2020 as Chief Digital Marketing Officer, responsible for elevating the brand and developing digital assets to promote the company’s solutions. Prior to OVHcloud, Ludivine worked for 15 years in global marketing agencies Publicis & Havas Group, as well as 3 years in the international retail sector where she held the role of Chief Customer Activation Officer.
Line Cadel - Chief Human Ressource Officer
Line Cadel is Chief Human Resources Officer (CHRO) at OVHcloud. In her role, Line leads all HR activities, from recruitment, training, talent management & development to social and payroll operations at a global level. Line joined OVHcloud in January 2017, as HR Business Partner and became CHRO in November 2018. She has 12 years of experience in HR in various environments such as IT & digital and retail companies.
Frédéric Etheve - EVP, Chief Operations Officer
Frédéric joined OVHcloud as Chief Operations Officer in August 2017. After working 17 years in the tech industry in Europe, North America and Africa, Frédéric now leads the development and management of OVHcloud operations activities to support and accelerate overall growth and drive OVHcloud’s transformation.
Miroslaw Klaba – R&D Director
Miroslaw is R&D Director of OVHcloud. After earning an engineer degree from ICAM Lille, he joined OVHcloud in 2004, holding different positions on project development before taking the position of CIO from 2018. As part of his mission, Miroslaw leads the teams encouraging transformation and participating in the maturity of businesses by providing tools and an information system to help increase effectiveness.
Dominique Michiels – Chief Service Delivery Officer
Dominique Michiels is Chief Service Delivery Officer at OVHcloud, which involves running all services delivered to customers. An IT enthusiast for 40 years, Dominique accumulated his considerable experience in IT production and development, performing diverse roles at Worldline (Atos subsidiary), such as the management of large cost centers & profit centers, including running large, complex international projects. In a multicultural landscape, he was also a key contributor to the various M&A and transformation programs.
Sylvain Rouri – Chief Sales Officer
Sylvain Rouri is Chief Sales Officer at OVHcloud, responsible for successfully driving the company's growth since he joined in December 2017. Focusing on meeting the needs of OVHcloud’s target audiences, Sylvain leads both direct and indirect sales forces to implement global sales strategy. Before joining OVHcloud, Sylvain worked for 22 years in sales at both small-to-medium and large companies, including Survey Sampling International where he held the position of SVP of Global Sales Operations.
François Sterin - EVP, Chief Industrial Officer
François Sterin is Executive Vice President and Chief Industrial Officer at OVHcloud. In this role, François leads technical infrastructure, from the server assembly lines to the design, construction and operations of data centers globally. François joined the OVHcloud adventure in July, 2017, after 15 years of experience developing global infrastructure for telecom and internet companies.
Axel Mac Namara - Chief Customer Officer
Axel Mac Namara is Chief Customer Officer, in charge of ensuring customer success through the various support offers and the accompanying of key accounts. Axel joined OVHcloud in 2021. For more than 14 years, Axel has been implementing innovative strategies within international companies and SMEs, in tech and aeronautics sectors.
Cristina Guttuso - Chief Legal Officer
Cristina Guttuso spent 25 years in leading legal positions at some of the world’s largest Telecom and IT groups, such as Oracle, Nokia and Microsoft, with work experience from different European countries. Cristina joined OVHcloud in 2021 and is in charge of driving the company’s legal and corporate policies towards consolidating OVHcloud’s position as cloud leader.
Thierry Souche - Chief Technology Officer
Thierry Souche joined OVHcloud in 2021 as Chief Technology Officer. He leads the Product Business Unit, the team in charge of Research and Development as well as the deployment and operation of the OVHcloud services for all customers segments. Prior to OVHcloud, Thierry operated for 25 years in the Orange Group, as a Technology leader in the Netherlands, UK and Romania, and for the last 9 years led digital transformation and innovation as Group CIO.
Shareholding structure pre-IPO
of the share capital (approx. 79% of the voting rights) - Klaba family
of the share capital (approx. 8.5% of the voting rights) - KKR
of the share capital (approx. 8.5% of the voting rights) - Towerbrook
of the share capital (approx. 2% of the voting rights) - Managers and employees (current and former) and directors
of the share capital (approx. 2% of the voting rights) - Others
Following the IPO, the Klaba family will retain a substantial majority stake in OVHcloud.