Wiit choses Germany to kick off the project “CLOUD4EUROPE” with the acquisition of Myloc Managed It Ag, german leader in the Private and Hybrid Cloud
WIIT S.p.A. announces the signing today of an agreement for the acquisition of 100% share capital of myLoc, a German provider of cloud and colocation services for enterprises and individuals, part of the ProSiebenSat.1 Group. The Transaction is not subject to any conditions and closing is expected to occur on 30 September 2020.
In accordance with the Group’s development & M&A strategy approved by the Company, myLoc is WIIT’s first international acquisition.
The Chief Executive Officer, Alessandro Cozzi and Francesco Baroncelli, Chief M&A & Head of New Markets at WIIT stated: “This acquisition – our first outside of Italy and in a market presenting such significant growth potential as Germany – is part of our stated strategy and a major step towards future growth, following two years of acquisitions and consolidation in the Italian market. This Transaction is “transformational” and allows us to kick off the Project CLOUD4EUROPE to create the European leader in the Cloud for Business Critical Applications. myLoc’s business model is perfectly in-line with WIIT’s, with recurring revenues of 90% and an ability to accommodate the future value-added services that we will develop on the market, while also presenting earnings and cash generation in line with WIIT stand-alone. Among various valuable assets, the Company also has five data centres with over 2.000 square meters of space in its headquarters in Düsseldorf in addition to a DR/Business Continuity site in its secondary headquarters. Finally, myLoc is led by a young management team with extensive experience. Our growth plan will continue along these lines, with a close focus also on other European countries, in addition to our continued consolidation of the Italian market”.