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 company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

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. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

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. Register for free to access the full transaction report and exact valuation multiples.

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. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

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

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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 LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the TMT (Tech, Media, Telecom) sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> 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.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
05/2021	EURAZEO / SAGARD	I-TRACING	FRANCE	IT Services	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
09/2017	KEENSIGHT CAPITAL	I-TRACING	FRANCE	IT Services	Keensight Capital is acquiring a minority stake in I-TRACING from the founding managers. This primary transaction marks the entry of a financial partner to support the two founders, who remain the primary drivers of the business

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: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: eurazeo / oakley capital investments / sagard