WIIT S.p.A. announces that, today, WIIT AG, a fully owned subsidiary of WIIT S.p.A., has signed an agreement for the acquisition of the “Edge & Cloud” business unit with the German company German Edge Cloud GmbH & Co. KG (“GEC”), belonging to the Friedhelm Loh Group.
The Chief Executive Officer, Alessandro Cozzi and Francesco Baroncelli, Chief M&A Officer of WIIT commented: “With this new acquisition we further strengthen our position in Germany. Indeed, we have not only acquired a portfolio of around 40 enterprise-level clients worth a total of approximately Euro 9 million in Annual Recurring Revenues (ARR), but also strengthened our team with 66 new colleagues. At a time when finding qualified personnel represents a key issue in our industry, having acquired this team with distinctive technical and commercial skills and many years of experience, together with such a relevant customer portfolio, allows us to start 2024 above the best expectations. Finally, we expect to realise more than Euro 3 million in cost synergies over the next 18 months, thanks to the consolidation of infrastructure and the utilisation of acquired resources”.
