Built from zero, sold to private equity, still on the cap table
In 2019 Paolo Pettinato, who owns this company, and Tommaso Odone started Cognitive inside the group. The bet was unfashionable at the time: the third-party cookie was finished, and whoever owned a persistent identifier of their own would own the next cycle of digital advertising.
WPI funded it and the team built it. Cognitive ID, a proprietary cookieless identifier that recognises a user for more than twelve months where a third-party cookie lasted ninety days. Around 25 million profiles addressable in the Italian market. A managed service plugged into more than ten demand and supply side platforms, and Ringlight, a network of roughly 260 premium YouTube channels.
Five years later the business was working with the major international media agencies and with brands in automotive, telecoms, banking, retail and entertainment. In October 2024 PM & Partners, an Italian private equity firm, signed for the majority; the transaction completed in December 2024.
The group did not cash out and leave. Through DaVinci Capitals, WPI reinvested and is today the largest minority shareholder with 35.55%, and the founder stayed in the business. That is the pattern we intend to repeat: own what you build, sell it to someone who can take it further, keep the upside and the seat at the table.
2024 · Realised transaction
Sale of the majority of Cognitive AI S.r.l. to PM & Partners, with reinvestment by WPI LTD through DaVinci Capitals S.r.l.
Reported by BeBeez International and published by the buyer on its investment page.
- 2019Business founded
- 5 yrsFrom launch to exit
- 35.55%Retained after the sale
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2016
The holding
WPI LTD is incorporated in Malta as the holding company of the group, gathering the founders' advertising technology ventures, MediaMatic among them.
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2019
The bet
Cognitive is founded and work starts on a proprietary cookieless identifier, years before the industry accepted that the cookie was over.
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2024
The exit
PM & Partners acquires the majority of Cognitive AI S.r.l. WPI reinvests through DaVinci Capitals and keeps 35.55% and its seat on the board.
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Now
The next one
Capital and proceeds are recycled into advertising, data and marketing technology, and into a portfolio of listed European companies.