WPI Ltd

Holding company · Malta · Investing across Europe

Founded it. Scaled it. Sold it to private equity.

WPI LTD is the Malta holding company behind Cognitive, the Italian advertising technology business started inside the group in 2019 and sold to the private equity firm PM & Partners in 2024. We did not walk away at closing: WPI reinvested and still holds 35.55% of it. We back what we know how to build, with our own capital, across Europe.

  • Registered inMalta, C 78563
  • Incorporated9 December 2016
  • Investment scopeEurope
  • OwnershipPrivately held, single shareholder
About

An owner, not an allocator

WPI LTD is a holding company. It is not an agency and it is not a fund. It has no employees and runs no operating business of its own: it owns, funds and steers the companies below it, and holds a portfolio of investments across Europe.

What makes the difference is where those companies came from. They were built, not bought, and the people who founded and ran them sit on this company's board. Day to day decisions belong to each business and its own management. WPI acts as the shareholder: it appoints directors, approves the accounts and decides where the group's capital goes next.

The approach is deliberately narrow. A small number of holdings, followed closely, held for as long as they compound. Where WPI takes a minority position it does so alongside partners it knows, with its own capital at risk and no outside investors to answer to. Investment decisions, and the appointment of the directors of the companies below, are taken by the board of WPI LTD as a body.

Everything on this page is a matter of public record at the Malta Business Registry and at the Italian company register. The purpose of the page is to state it plainly in one place.

Track record

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
  1. 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.

  2. 2019

    The bet

    Cognitive is founded and work starts on a proprietary cookieless identifier, years before the industry accepted that the cookie was over.

  3. 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.

  4. Now

    The next one

    Capital and proceeds are recycled into advertising, data and marketing technology, and into a portfolio of listed European companies.

The crown jewel

Cognitive AI S.r.l.

Indirect holding · 35.55% through DaVinci Capitals

Cognitive is an Italian Tech & Media company: it plans, activates and optimises digital advertising for media agencies and for brands directly, along the whole funnel, on its own technology rather than on somebody else's platform.

At the centre sits Cognitive ID, a proprietary cookieless persistent identifier, GDPR compliant, that keeps recognising a user for more than twelve months. Around it: integrations with more than ten demand and supply side platforms, reach across mobile, desktop, connected TV, digital out of home and audio, and Ringlight, the business unit that offers transparent, trackable audience segments inside the YouTube ecosystem through a network of around 260 premium channels.

In 2024 PM & Partners acquired 54.3% of the company. Founders and management kept 45.7%, of which 35.55% is held by WPI LTD through DaVinci Capitals S.r.l. The founder remained in the business, and the plan agreed with the fund is to build a group of European scale, organically and through acquisitions.

  • EUR 7.3mSales
  • EUR 3.0mEBITDA
  • 41.1%EBITDA margin
  • 35.55%Held by WPI LTD, indirectly

Figures as published by the buyer, PM & Partners, on its Cognitive investment page.

Portfolio

What the group holds

  • 80%Direct · Malta

    MediaMatic Ltd

    Malta · Company number C 95642

    Where the group's programmatic advertising story began, and today the holding company for its Maltese side. MediaMatic owns 100% of Zeus Advisory Ltd and was the vehicle through which the group brought its advertising businesses under one roof.

  • 100%Indirect · Malta

    Zeus Advisory Ltd

    Malta · Company number C 71907 · Held through MediaMatic Ltd

    The group's advisory arm. Zeus works on the strategic side of the business: corporate development and M&A, international structuring, commercial strategy and technology partnerships for the companies the group owns and for the transactions it runs. It was the company that negotiated and executed the sale of the Cognitive majority to PM & Partners in 2024, and it is where the group keeps the deal and structuring know-how it has built since 2016. Formerly named Cognitive Advertising Solutions Ltd.

  • 100%Direct · Italy

    DaVinci Capitals S.r.l.

    Italy, Milan · Tax code and VAT 13622850967

    The Italian sub-holding: every investment the group makes in Italy sits here. It holds 35.55% of Cognitive AI S.r.l., the stake WPI reinvested at the closing of the PM & Partners transaction, together with a portfolio of listed securities and the group's other Italian positions.

  • 35.55%Indirect · Italy

    Cognitive AI S.r.l.

    Italy, Milan · Held through DaVinci Capitals S.r.l.

    The advertising technology business the group founded in 2019 and sold to PM & Partners in 2024, keeping the largest minority stake and a seat on the board. See above.

Sectors

Advertising technology, data and marketing technology, strategic advisory, and long-term investments in listed European companies.

Geography

Europe. The holdings are incorporated in Malta and in Italy; the investment portfolio is deployed across European markets.

Group structure

Ownership chain

Paolo Pettinato Sole shareholder 100% WPI LTD Malta · C 78563 80% 100% MediaMatic Ltd Malta · C 95642 DaVinci Capitals S.r.l. Italy · Milan 100% 35.55% Zeus Advisory Ltd Malta · C 71907 Cognitive AI S.r.l. Italy · minority interest
  • Paolo PettinatoSole shareholder
    • 100% WPI LTDMalta · C 78563
      • 80% MediaMatic LtdMalta · C 95642
        • 100% Zeus Advisory LtdMalta · C 71907
      • 100% DaVinci Capitals S.r.l.Italy · Milan
        • 35.55% Cognitive AI S.r.l.Italy · minority interest

Percentages refer to share capital held. Zeus Advisory Ltd and Cognitive AI S.r.l. are held indirectly, through MediaMatic Ltd and DaVinci Capitals S.r.l. respectively. The chart shows the group's principal holdings, not every position.

Shareholder

Ownership and board

Portrait of Paolo Pettinato, sole shareholder and director of WPI LTD
Paolo Pettinato

Paolo Pettinato

Shareholder and director, WPI LTD

Paolo Pettinato has spent his working life building advertising technology companies, and he has never sold one and walked away. He founded MediaMatic, in programmatic advertising, and MetricsMonster, in video production and distribution for the web: the technology and the team of both went into Cognitive, which he co-founded in 2019 with Tommaso Odone.

At Cognitive he led commercial strategy, business development and positioning, taking the company from a thesis about the end of the third-party cookie to a business working with the major media agencies and with blue-chip advertisers. In 2024 he negotiated the sale of the majority to PM & Partners, reinvested through the group rather than cashing out, and stayed in the company.

He owns WPI LTD, which he has held since 2016, and sits on its board of three directors alongside Valeria Dotti and Marko Petrovic. He speaks regularly on artificial intelligence and advertising at Italian industry events, among them IAB Forum, Engage Programmatic Day and IAB.AI Launchpad.

  • Sole shareholder of WPI LTD since 2016
  • Director of WPI LTD, one of a board of three, and of MediaMatic Ltd and Zeus Advisory Ltd
  • Sole director of DaVinci Capitals S.r.l.
  • Co-founder of Cognitive, 2019, with Tommaso Odone
  • Founder of MediaMatic Ltd and MetricsMonster Ltd
  • Speaker at IAB Forum, Engage Programmatic Day, IAB.AI Launchpad
Governance

Corporate details

Legal form
Private limited liability company incorporated under the laws of Malta
Registration
Malta Business Registry, company number C 78563 Incorporated on 9 December 2016 as Spartan Holdings Limited; renamed WPI LTD with effect from 24 May 2018.
Registered office
CMS House, Third Floor, St. Peter's Street, San Gwann SGN 2310, Malta
Share capital
EUR 1,200, fully paid up 1,200 ordinary shares of EUR 1 each.
Board of directors
Paolo Pettinato, Valeria Dotti, Marko Petrovic
Company secretary
Paolo Pettinato
Shareholder and beneficial owner
Paolo Pettinato, 100%
Auditor
Lungaro-Mifsud Assurance, Malta

WPI LTD prepares annual financial statements which are subject to statutory audit and are filed with the Malta Business Registry, in line with the requirements of the Maltese Companies Act. Meetings of the board and of the shareholder are held at the registered office in Malta, where the company's statutory registers and minute books are kept.

The company is administered by a board of three directors and its decisions are taken by the board as a body. Information on directors, shareholders and beneficial ownership is kept current in the registers held by the Malta Business Registry.

Contact

Talk to us

Correspondence Email address of WPI LTD, shown as an image

WPI LTD does not offer products or services to the public. Founders and advisers in advertising, data and marketing technology in Europe are welcome to write: the company invests its own balance sheet, and proposals are reviewed directly by its board.

Registered office WPI LTD
CMS House, Third Floor
St. Peter's Street
San Gwann SGN 2310
Malta