WIIT, the Italian cloud and cybersecurity services provider, is in talks to acquire in tactical European regions and targets EUR 100m EBITDA by 2030, co-founder and CEO Alessandro Cozzi told Mergermarket.

The Milan-listed company, which is expected to report around EUR 66.5m EBITDA for 2025, plans to expand aggressively in Europe, to build the necessary scale to compete with dominant US hyperscalers, Cozzi said.

WIIT is looking to accelerate its growth as the market environment “increasingly demands significant scale to challenge US corporations,” he said, adding that the strategy includes “both consolidating existing markets and entering new territories where local presence is a critical competitive advantage.”

The group is ready to execute four to five major deals within the next 24 months, he said. Before a brief pause in 2025, it had made 15 acquisitions over an 11-year period, per Mergermarket data.

The company’s focus has shifted toward larger targets than before, and well-structured targets with robust margins, he said. It is in a strong capital position; having issued a EUR 215m bond last October, WIIT has a EUR 130m war chest to fund acquisitions between 2026 and 2029, he added.

Despite the scale of its M&A ambitions, WIIT maintains strict financial discipline, targeting enterprise values between EUR 20m and EUR 50m, with entry multiples historically held between 5x and 8x EBITDA, he said.

The German market remains its primary focus for small and medium-sized bolt-on acquisitions, Cozzi said. Its Premium Cloud model, which targets high-end corporate clients with complex mission-critical needs, has already gained significant traction in Germany, where the company has integrated several assets over the past three years and currently generates 60% of its total turnover, he said.

The group is in early-stage talks with some German targets generating revenues between EUR 20m and EUR 80m, he said, and is targeting landers – states – where it lacks a direct presence, including Nuremberg, Stuttgart, and Hamburg, he said.

“The German market has a strong local soul; customers prefer providers with a nearby presence,” he said, adding that the business is already present in hubs including Düsseldorf, Frankfurt, and Munich.

Beyond Germany, WIIT is preparing a strategic entry into the French market. It has identified an early-stage target with revenues between EUR 20m and EUR 70m and a presence in Paris, which would significantly enhance the group’s scalability, he said.

The company is also looking for new opportunities in Switzerland. After turning around a previous Swiss acquisition – which is expected to return to being cash-positive this year – WIIT is now eyeing a potential deal in Zurich, Cozzi said. “The Swiss market is exceptionally attractive,” he said, adding that with nine million inhabitants, it is similar in scale to Italy but has a “much higher GDP per capita and a perfectly functioning banking system”.

WIIT acquired Switzerland-based Econis, which provides consulting, outsourcing and engineering IT services, in early 2024, per Mergermarket data.

In 2024, the company generated EUR 15.1m revenue in Switzerland, EUR 83.5m in Germany, and EUR 60m in Italy, according to a press release. It also reported EUR 58m adjusted EBITDA on the total, EUR 158.6m in adjusted revenue, which was up 21.9% year-over-year.

The market’s expectations for WIIT remain high, and analysts expect it will report approximately EUR 168m revenue for 2025, Cozzi said. In 2026, analysts anticipate turnover will climb to EUR 178m, yielding an EBITDA of approximately EUR 72m, he added.

Companies operating in the same space as WIIT include Italy’s Venicecom and IT Global Consulting, and international players such as Alibaba Cloud, Amazon, and DigitalOcean, a sector analyst said.