"We are European companies and we need to build technology that makes sure no third-party decision — for instance, Microsoft's decision to increase costs to access their search API — could jeopardize our business," Olivier Abecassis, CEO of Qwant, told CNBC.
"It is nothing against the U.S. or U.S. companies. It is all about the sovereignty of our business and companies," he added. Abecassis will also serve as CEO of the new venture, which hasn't yet raised funding from external investors.