Eurazeo: a continuation fund to support I-tracing

(CercleFinance.com) - Eurazeo announced on Monday the implementation of a €180 million continuation fund to support I-tracing, with the ambition of building a European 'champion' in cybersecurity services.


The investment group, which has accompanied the French company as a reference shareholder since 2021, explains that it plans to sell the company to a new continuation fund that will continue to be managed by its teams.

The idea is to contribute to the entity's next phase of development, but this time in co-control with Luxembourg-based Oakley Capital, which has joined the project.

The Sagard NewGen fund also intends to reinvest as a minority investor in the new operation, as do I-tracing's founders and management team.

Eurazeo explains that the fund has been sized to enable I-tracing to benefit from substantial financing capacities, in particular to pursue an ambitious buy-and-build acquisition strategy in Europe.

Several targets covering complementary offers and geographical areas have already been identified.

Founded in 2005 and headquartered in Paris, I-tracing offers managed cybersecurity services (MSSP) with a workforce of over 700 experts, and subsidiaries in Canada, Hong Kong, Malaysia, China, Switzerland and the UK.

Over the past three years, the company has more than doubled in size, and is targeting sales of around 150 million euros in 2024, based on organic growth of around 30% per year.

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