Eurazeo to Welcome Oakley Capital as Reference Shareholder in I-TRACING

Eurazeo, in collaboration with I-TRACING's management team and Sagard NewGen, has announced exclusive discussions with Oakley Capital to become the reference shareholder of I-TRACING. Eurazeo, since 2021, has been the anchor investor and will continue its role under a co-control framework with Oakley Capital. Sagard NewGen also plans to reinvest as a minority shareholder.

The transaction values I-TRACING at over €500 million. Eurazeo's investment would yield a cash-on-cash multiple of 3.0x and an internal rate of return (IRR) of 38%. The transaction, subject to regulatory approvals, marks a significant step in I-TRACING’s development, aiming to expand share capital to more employees.

Founded in 2005, I-TRACING is France's leading managed cybersecurity services provider, employing over 700 experts across multiple international subsidiaries. The company targets ~€150 million in revenue for 2024, reflecting a consistent 30% annual growth.

The joint ambition is to further grow I-TRACING to become a European leader in cybersecurity services. The planned strategy includes leveraging the extensive networks and sector expertise of Oakley Capital and Sagard NewGen, along with an active buy-and-build roadmap.