Eurazeo, through its Small-Mid Buyout strategy, together with I-TRACING's management team and Sagard NewGen, announce that they have entered into exclusive discussions to welcome Oakley Capital as the reference shareholder of I-TRACING, the French leader in independent cybersecurity services.

Eurazeo has been supporting the company as a reference investor since 2021, and would reiterate its support for the group as part of a co-controlled governance structure with Oakley Capital.

Sagard NewGen would also reinvest as a minority investor in the new transaction.

Under the terms of the transaction, I-TRACING would be valued at over 500 million euros. The capital invested by Eurazeo would generate a cash-on-cash multiple of around 3.0x, and an internal rate of return (IRR) of 38%.

' I-TRACING is the French leader in managed cybersecurity services (MSSP), meeting all the most critical needs of its blue-chip customers in the Enterprise and Mid-market segments ' says the group.

I-TRACING employs over 700 cybersecurity experts not only in France, but also in Canada, Hong Kong, Malaysia, China, Switzerland and the UK.

Over the past three years, I-TRACING has more than doubled in size and is targeting sales of ~150 ME in 2024, delivering sustained and steady organic growth of ~30% per year.

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