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"Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts."
Baumann Capital initiated a position in WIIT, Europe's only pure-play sovereign private cloud provider, during Q2 2025. The manager conducted extensive primary research including data center visits, customer interviews, and multiple management meetings. WIIT operates twenty Tier IV data centers across Germany, Italy, and Switzerland, serving 600 enterprise clients who require mission-critical ERP hosting with full EU data sovereignty. The business model combines infrastructure, platform, and software services, generating 40% EBITDA margins through high-margin managed services and long-term contracts averaging five years with inflation protection. Return drivers include structural cloud migration trends with only 38% of European SMEs cloud-enabled, EU regulatory tailwinds favoring data sovereignty after Microsoft admitted it cannot guarantee EU data protection from US agencies, and accretive M&A consolidation of a fragmented market. Founder-CEO Alessandro Cozzi owns 58% and has completed ten accretive acquisitions since the 2017 IPO. The manager views WIIT as having multi-billion-euro potential to lead the European private cloud niche, with AI providing incremental upside as demand for secure, sovereign AI infrastructure grows. The letter also discusses lessons from past management misjudgments and the importance of rigorous CEO evaluation.
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