At what enterprise value was I-TRACING acquired in 2024?

During the acquisition of I-TRACING by OAKLEY CAPITAL INVESTMENTS / EURAZEO / SAGARD in 2024, the transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR.

What was the EV/EBITDA of I-TRACING when it was acquired by OAKLEY CAPITAL INVESTMENTS / EURAZEO / SAGARD?

The estimated EV/EBITDA multiple for I-TRACING is in the range of Above 20x.

What was the revenue of I-TRACING at the time of the deal?

The revenue of I-TRACING at the time of the deal is estimated to be in the range of 100M - 200M EUR.

What was the EBITDA of I-TRACING during the acquisition?

I-TRACING's EBITDA is estimated to be in the range of 5M - 25M EUR.

How is the data for the I-TRACING acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the I-TRACING deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://fr.newsroom.eurazeo.com/actualites/eurazeo-lequipe-de-management-di-tracing-et-sagard-newgen-entrent-en-discussions-exclusives-en-vue-daccueillir-oakley-capital-comme-nouvel-actionnaire-de-reference-du-groupe-d26f3-7ed35.html

What is the average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026?

The average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026 is 15.1x.

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Home Database TMT (Tech, Media, Telecom)I-TRACING

11/2024

I-TRACING acquired by OAKLEY CAPITAL INVESTMENTS, EURAZEO & SAGARD

FRANCE IT Services / Consulting & Integration / Cybersecurity Services EV 500M - 1.5b EUR

Context

Oakley Capital is acquiring a majority stake in I-TRACING from a group of investors led by Eurazeo and Sagard NewGen. This transaction is structured as a strategic recapitalization where the new lead investor enters alongside the historical shareholder to establish a co-control governance framework. The founders and the existing management team, comprising approximately eighty executives and employees, are significantly reinvesting in the operation to maintain a strong alignment of interests. The investment strategy is designed to build a pan-European champion in cybersecurity services by accelerating organic growth and implementing an active M&A program. Several potential acquisition targets in complementary geographies and service niches have already been identified. This new phase of development aims to capitalize on the group's pure-player positioning and its ability to attract top-tier technical talent in a rapidly expanding global market. The partnership will leverage the combined international networks and financing capabilities of all three institutional investors to support the group's ambitious expansion roadmap.

I-Tracing had already undergone several LBOs in the past, notably in 2017 with Keensight Capital and in 2021 with Eurazeo / Sagard. These multiple LBO cycles illustrate the strong appeal for this type of asset.

I-TRACING, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level than 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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Other operations with I-TRACING

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
05/2021	EURAZEO / SAGARD	I-TRACING	FRANCE	Cybersecurity Services
09/2017	KEENSIGHT CAPITAL	I-TRACING	FRANCE	Cybersecurity Services

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 100M - 200M EUR

EBITDA range: 5M - 25M EUR

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 OAKLEY CAPITAL INVESTMENTS / 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.

Press release: view release

Acquirer: eurazeo / oakley capital investments / sagard