mynth
← DATABASE
05/2021MajorityLBO

Eurazeo & Sagard take majority stake in I-Tracing

FRANCE IT Services / Consulting & Integration / Cybersecurity Services EV €100–350M

Context

Eurazeo and Sagard NewGen are acquiring a 51% controlling interest in I-TRACING from Keensight Capital. The transaction was structured as a secondary LBO following a restricted competitive process that deliberately focused on financial sponsors rather than industrial buyers. The management team and founders are significantly reinvesting in the operation to retain the remaining 49% of the capital. The investment strategy is focused on accelerating the group's international footprint, particularly in Europe, North America, and Asia, to better serve its global corporate clients. The plan also includes an active external growth strategy to complement the existing service range and enter new geographical markets. The financing of the transaction included a unitranche debt facility provided by a major European private debt investor to support both the acquisition and future development needs.

In the past, I-Tracing was acquired by Keensight Capital in 2017 as part of its expansion strategy.

I-Tracing, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

I-TRACING is the leading independent French provider of managed security services. It operates as a comprehensive one-stop-shop addressing critical cybersecurity needs for large-cap and mid-market enterprises. The group s service portfolio encompasses the entire IT security value chain, including managed detection and response, cloud security, data protection, and advanced audits. A key differentiator is its premium managed Security Operation Center (SOC) offering, which provides twenty-four-seven protection for complex digital environments through a "follow-the-sun" operational model. Headquartered in Paris, the company employs over seven hundred cybersecurity experts across international offices in Canada, Hong Kong, Malaysia, China, Switzerland, and the United Kingdom. It is recognized as a trusted partner for organizations undergoing digital transformation, maintaining high technical standards with a focus on level two and level three security expertise.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

15x–25x

EV / EBIT

15x–25x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€50–100M
€5–25M
€5–25M
2020
€50–100M
€5–25M
€5–25M

Other operations with I-Tracing

Other operations with I-Tracing
DateAcquirerTargetCountrySector
11/2024OAKLEY CAPITAL INVESTMENTS / EURAZEO / SAGARDI-TRACINGFRANCECybersecurity Services
09/2017KEENSIGHT CAPITALI-TRACINGFRANCECybersecurity Services

Other operations with Eurazeo / Sagard

Other operations with Eurazeo / Sagard
DateAcquirerTargetCountrySector
01/2022SAGARDADIT (AGENCE POUR LA DIFFUSION DE L'INFORMATION TECHNOLOGIQUE)FRANCEConsulting & Audit
10/2021ADVENT INTERNATIONAL / EURAZEOPLANET PAYMENTIRELANDFintech & Payments
04/2021EURAZEOAROMA-ZONEFRANCEHygiene & Beauty Brands
03/2021EURAZEOGROUPE PREMIUMFRANCEWealth & Asset Management
01/2021SAGARDNUTRISENSFRANCENutrition & Dietary Supplements
10/2020EURAZEO / IK PARTNERS / RAISEQUESTEL GROUPFRANCEIndustry-Specific Software
09/2020EURAZEO / FCDE (FONDS DE CONSOLIDATION ET DE DEVELOPPEMENT DES ENTREPRISES)UTAC CERAMFRANCETIC (Testing, Inspection, Certification)
09/2019SAGARDSTERIMEDFRANCEMedical Consumables
08/2019EQUISTONE / SAGARDVULCAIN INGENIERIEFRANCEEngineering & Consulting
04/2019EURAZEOD.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)NETHERLANDSMedical Devices

Similar deals in IT Services

Similar deals in IT Services
DateAcquirerTargetCountrySector
06/2021XENON PRIVATE EQUITYGN TECHONOMYITALYConsulting & Integration
06/2021KEENSIGHT CAPITALADISTAFRANCEMSP (Managed Services)
05/2021ICGCIRCETFRANCEIT Services
05/2021IK PARTNERSTRUESEC GROUPSWEDENCybersecurity Services
03/2021APAX PARTNERSLUTECHITALYConsulting & Integration
02/2021ADISTAWAYCOMFRANCEMSP (Managed Services)
02/2021ARDIANJAKALAITALYConsulting & Integration
11/2020PRESIDIOARKPHIREIRELANDConsulting & Integration
10/2020MONTEFIORE INVESTMENTGROUPE OPENFRANCEConsulting & Integration
10/2020ANDERA PARTNERSGROUPE ARTEMYSFRANCEConsulting & Integration

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of I-Tracing by Eurazeo / Sagard are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in I-Tracing, a French company specialised in Consulting & Integration, by Eurazeo and Sagard in 2021, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by Keensight Capital in September 2017, before ownership was subsequently transferred to Oakley Capital Investments / Eurazeo / Sagard in November 2024 (see dedicated deal pages for details).

How was the acquisition of I-Tracing by Eurazeo valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were I-Tracing’s revenue and EBITDA at the time of the deal?

At the time of the transaction, I-Tracing generated annual revenue estimated in the €50–100M range and EBITDA in the €5–25M bracket (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.