OVHcloud's founder Klaba to take over French search engine Qwant
By MYBRANDBOOK
Founder of French cloud computing services company OVHcloud, Octave Klaba is all set to acquire the struggling search engine Qwant following a deal with public lender Caisse des Depots et Consignations (CDC).
Inspite of continued support from the by the French government which made it the default search engine for the state administration, the search engine – Qwant failed to secure its market share against the dominant Alphabet unit.
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.
The remaining 25% share in Synfonium will be owned by CDC, which will also include SHADOW, a cloud platform for businesses, gamers and content producers already owned by the Klabas.
Qwant, founded in 2011 with the promise of safeguarding its users’ privacy, relies partly on the technology of Microsoft’s web search engine Bing after the company signed a partnership with the tech giant in 2019.
The finalization of the deal, whose financial details were not disclosed, will follow “an analysis of recent changes in the financial conditions” of the Microsoft partnership with Qwant, according to the statement.
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