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.
It is worth noting that the fund Keensight Capital took control of I-Tracing through an LBO in 2017.
I-TRACING, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).
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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.
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REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 50M - 100M EUR
EBITDA range: 5M - 25M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.