Hg sells Trace One to Symphony Technology Group

The transaction remains subject to regulatory clearance and consultation with the company's works council.

Hg acquired Trace One in March 2016, investing HgCapital Mercury Fund alongside the GP's LSE-listed trust, which provided £4.5m in equity. HgCapital Mercury Fund held a final close in March 2013 on £380m. The fund invested in telecommunications and media businesses with enterprise values of £20-80m.

Hg initially launched a sale process for Trace One in 2017, according to Unquote sister publication Mergermarket. The second round of bidding was underway as of January 2018, with Eurazeo still in the running. Bidders previously linked with the process included Apax Partners. The company was marketed based on EBITDA of €13m, although sources told Mergermarket that the business reported EBITDA of around €8-10m at the time. The company was expected to generate a valuation in the €100-150m region based on this.

STG launched its latest vehicle, STG VI, in June 2020. The fund had a target of $1.5bn and closed in November 2020 on $2bn following a four-month fundraising period, according to a statement issued by STG at the time. The fund targets European and US-based mid-market software businesses.

Previous funding
In May 2009, Oddo Private Equity, TempoCap and Extendam (then known as OTC Asset Management) acquired Trace One from its VC backers, which included Siparex, A+ Finance and I-Source Gestion (which was subsequently incorporated into Sofimac).

Company
Founded in 2001, Trace One has developed a software platform for product lifecycle management (PLM) for brand owners and retailers. Its software aims to assist retailers with product launches, as well as the monitoring of supplies and data, and can assist manufacturers with the centralisation of documents and processes.

The company is headquartered in Paris and employs 190 staff, according to LinkedIn.

People
Trace One – Christophe Vanackère (CEO).
Hg – Sebastien Briens (partner).
Symphony Technology Group – William Chisholm (managing partner).

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