Italian cloud provider WIIT announced that the company acquires myLoc. myLoc, a German provider of cloud and colocation services for enterprises and individuals focuses on hosting solutions and in 2019 generated revenue of EUR 16 million. The company’s assets include a business continuity site, as well as five data centers with over 2,000 square meters of space at the Düsseldorf headquarters.
50 million Euros
According to the announcement, the sale has a total volume of EUR 50 million. myLoc is WIIT’s first international acquisition. ProSiebenSat.1 also stated that with its new owner, myLoc will push forward the internationalization of its services. The Chief Executive Officer, Alessandro Cozzi and Francesco Baroncelli, Chief M&A & Head of New Markets at WIIT said,
“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 centers 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.”
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