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Unquote
  • Buyouts

Eurazeo invests in I-Tracing in €165m deal, Keensight exits

  • Alessia Argentieri
  • Alessia Argentieri
  • 12 May 2021
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Eurazeo has acquired a stake in French cybersecurity business I-Tracing with an investment of around €65m, in a deal that values the business at €165m.

Following the deal, minority investor Keensight Capital will sell its entire stake, while Sagard NewGen will invest as a minority shareholder in a holding company controlled by Eurazeo.

I-Tracing's management team, and founders Theodore-Michel Vrangos and Laurent Charvériat, will collectively hold 49% of the company's equity after completion of the transaction.

I-Tracing

  • DEAL:

    Buyout

  • LOCATION:

    Puteaux

  • SECTOR:

    Computer services

  • FOUNDED:

    2005

  • TURNOVER:

    €50m (2020)

  • STAFF:

    285

  • VENDOR:

    Keensight Capital

Eurazeo is investing in the company via Eurazeo PME, which deploys equity tickets of €20-100m, focusing on France-based mid-market businesses with enterprise values of €50-200m.

Eurazeo and Sagard intend to accelerate the company's organic growth and international expansion across Europe, Asia and North America, while pursuing an active buy-and-build strategy, with several targets already identified.

The sale ends a four-year holding period for Keensight, which acquired a minority stake in I-Tracing. Under the GP's ownership, the company tripled its revenues (from €16m in 2016 to nearly €50m in 2020), enlarged its offering, doubled its workforce and accelerated its international growth. I-Tracing also made its first add-on by acquiring Idento in 2019 and opened a new office in Montreal.

Company
Established in 2005, I-Tracing specialises in cybersecurity services in four main areas: audit and forensics; integration; maintenance and operation of security systems; and incident prevention, detection and correction.

Headquartered in Puteaux with subsidiaries in Montreal, Hong Kong and London, I-Tracing employs 285 staff and has a client base composed of more than 230 companies.

The business generated revenues of nearly €50m in 2020, up 40% on 2019, and expects to reach turnover of around €70m in 2021.

People
Eurazeo PME – Pierre Meignen (member of the executive board).
Sagard NewGen – Bérangère Barbe, Agnès Huyghues-Despointes, Guillaume Lefebvre (partners).
Keensight Capital – Philippe Crochet (managing partner).
I-Tracing – Théodore-Michel Vrangos, Laurent Charvériat (founders).

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