I-TRACING Acquisition, Valuation, Funding & Investors

I-TRACING was acquired by Eurazeo for $349M in May 2021, a 4.6x multiple on $76M of revenue.

I-TRACING acquisition price

$349M

Acquired by Eurazeo · May 2021

I-TRACING revenue at acquisition

$76M

Last twelve months · May 2021

I-TRACING revenue multiple at acquisition

4.6x

EV/Revenue · May 2021

I-TRACING EBITDA multiple at acquisition

48.5x

EV/EBITDA · May 2021

I-TRACING Overview

About I-TRACING

I-TRACING is a France-based leader in IT security and data traceability solutions including e-discovery, deep-packet inspection, log management, security operations centers, and forensic analysis. The company addresses compliance with PCI-DSS, SOX, Basel accords, ISO 27001, and data privacy regulations. Services encompass incident response, fraud detection, vulnerability assessments, and lawful interception for enterprises and governments. Headquartered in Paris since 2004, I-TRACING operates SOCs in Europe and Asia.


Founded

2005

HQ

FranceParis

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Services, Subscription

Revenue

$161M (Jun 2024)

Valuation

$535M (Jun 2024)

I-TRACING Acquisition

I-TRACING was acquired by Eurazeo for $349M on 12 May 2021.

The acquisition price implies a 4.6x revenue and 48.5x EBITDA multiple on $76M of revenue.

Before the acquisition I-TRACING had raised $536M across 1 funding round.

I-TRACING is a French cybersecurity services provider founded in 2005, offering consulting, auditing, penetration testing, software integration, managed services, identity and access management, Security Operations Centers (SOCs), and Computer Emergency Response Teams (CERTs). Headquartered in Paris with subsidiaries in Montreal, Hong Kong, and London, it serves CAC40, SBF120, and medium-sized companies with 24/7 support. In May 2021, Eurazeo's small-mid buyout team signed an exclusivity agreement to invest in I-TRACING alongside founders Théodore-Michel Vrangos and Laurent Charvériat, who would hold 49% equity post-transaction, making Eurazeo the reference shareholder with a €65 million investment. Keensight Capital sold its full minority stake from 2017, while Sagard NewGen invested as a minority shareholder in a Eurazeo-controlled holding company. The transaction valued I-TRACING at €165 million, with a 2021 revenue target of €70 million following €50 million in 2020 (up 40% from 2019 despite Covid-19). The strategic rationale focused on accelerating growth to build a leading European cybersecurity provider through organic expansion, a buy-and-build strategy with identified targets, leveraging market demand, high expertise, and international client support. Eurazeo, Sagard NewGen, and management aimed to capitalize on the buoyant cybersecurity market.

I-TRACING acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
12 May 2021PE buyout$349M4.6x48.5x

Sources: cambonpartners.com, app.dealroom.co

I-TRACING Valuation

I-TRACING is currently valued at $535M, based on its undisclosed-stage round in June 2024. Read the announcement ↗

The $536M round was led by La Maison Partners, with participation from Eurazeo, Sagard and Oakley Capital.

I-TRACING valuation by funding round

I-TRACING valuation by funding round
DateStageValuationRevenue Multiple
Jun 2024Undisclosed stage$535M3.3x

I-TRACING Revenue

I-TRACING's latest recorded revenue is $161M, as of its undisclosed-stage round in June 2024. At a $535M valuation, that implies a 3.3x revenue multiple.

I-TRACING revenue by funding round

I-TRACING revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2024$161M$535M3.3xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

I-TRACING Funding History

I-TRACING has raised a total of $536M across 1 funding round.

I-TRACING funding rounds

I-TRACING funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2024Undisclosed stageLa Maison Partners (lead); Eurazeo; Sagard; Oakley Capital$536M$535MI-TRACING is a French leading independent cybersecurity services pure-player (MSSP), founded in 2005 in Paris, employing around 700 cybersecurity experts across multiple countries. It provides managed security services addressing critical needs of blue-chip enterprise and midmarket clients, with expertise in areas like Identity & Access Management (IAM) and Cloud Security, bolstered by acquisitions such as IDENTO in 2019. On June 11, 2024, I-TRACING entered exclusive discussions for Oakley Capital to become a reference shareholder, with Eurazeo (anchor investor since 2021) and Sagard NewGen (reinvesting as minority) in a co-control structure. The management, founders, over 80 employees, Oakley Capital, Eurazeo, and Sagard NewGen planned to invest over €420 million in equity, valuing the company at more than €500 million, subject to regulatory approvals including merger control and FDI. CVC Credit provided debt financing. The transaction involved Eurazeo exiting to a newly established €180 million Continuation Fund it manages, with co-lead investors Five Arrows Secondary Opportunities and TPG GP Solutions, enabling continued support alongside Oakley. Over the prior three years, I-TRACING more than doubled in size through ~30% annual organic growth and add-on acquisitions, targeting ~€150 million in revenue for 2024. Proceeds will fuel organic growth, targeted M&A, hiring, international expansion, and building a European cybersecurity services champion, leveraging the investors' global networks, sector expertise, and financing capabilities to serve major French and European clients while maintaining high expertise and talent attraction.

Who has invested in I-TRACING?

4 investors have backed I-TRACING across its funding rounds, including Eurazeo, Oakley Capital, Sagard and La Maison Partners.

Lead investors include La Maison Partners.


I-TRACING Investors

Investors in I-TRACING by funding rounds participated
InvestorHQRoundsRoleFirst check
La Maison PartnersFranceParis1LeadJun 2024
EurazeoFranceParis1ParticipantJun 2024

This data is available for Pro users. Sign up to see all 4 I-TRACING investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions by I-TRACING

I-TRACING has acquired 1 company to date.

Last acquisition by I-TRACING was on September 5th 2023. I-TRACING acquired Apalia for undisclosed valuation.


Latest Acquisitions by I-TRACING

Apalia
Description
Apalia is a Spanish IT services provider based in Barcelona, delivering cloud migration, managed hosting, and cybersecurity solutions to enterprises across Europe.
HQ CountrySwitzerland
HQ City
Geneva
Deal Date5 Sep 2023
Valuationundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all I-TRACING acquisitions and their M&A valuation multiples.

Start Free Trial

I-TRACING Competitors

I-TRACING competitors include listed companies like Beijing VRV Software and Baudroie, and private ones like Aryaka Networks, Hawk, Cymulate and Descope.

Public and private companies comparable to I-TRACING
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Aryaka NetworksUnited StatesCalifornia City, CAPrivate--$539M-
Beijing VRV SoftwareChinaChinaPublicly listed$46M($44M)$518M-
HawkGermanyMunichPrivate--$560M-
CymulateIsraelHolonPrivate--$500M-
DescopeUnited StatesSan Francisco, CAPrivate--$500M-
BaudroieJapanJapanPublicly listed$110M$23M$580M4.1x

I-TRACING Public Comps

I-TRACING is no longer listed, but its public comps include Beijing VRV Software, Beijing Huaru Technology, Baudroie, Aura.com, Sansec, GB Group, Hunan Kylinsec Technology, Hennge, Digital Arts and Guangdong Tecsun Science.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Beijing VRV Software$46M($44M)11.3x-(11.8x)-
Beijing Huaru Technology$45M($28M)9.8x-(15.9x)-
Baudroie$110M$23M5.1x4.1x24.2x24.4x
Aura.com$193M($155M)5.7x-(7.1x)-
Sansec$83M($2M)6.1x5.2x(308.3x)(389.0x)
GB Group$383M($45M)1.5x1.5x(12.9x)6.6x
Hunan Kylinsec Technology$47M($9M)7.6x7.3x(40.4x)90.3x
Hennge$69M$12M5.8x5.7x33.2x-

This data is available for Pro users. Sign up to see all I-TRACING competitors and their valuation data.

Start Free Trial

Common questions about I-TRACING

When was I-TRACING founded?I-TRACING was founded in 2005.
Where is I-TRACING headquartered?I-TRACING is headquartered in Paris, France.
Is I-TRACING publicly listed?No, I-TRACING was acquired by Eurazeo in May 2021.
Who acquired I-TRACING?I-TRACING was acquired by Eurazeo in May 2021.
How much was I-TRACING acquired for?I-TRACING was acquired for $349M in May 2021, a 4.6x revenue multiple.
What is I-TRACING's valuation?I-TRACING was last valued at $535M in its undisclosed-stage round in June 2024.
How much funding has I-TRACING raised?I-TRACING has raised $536M across 1 funding round.
What was I-TRACING's last funding round?I-TRACING's last funding round was a $536M undisclosed-stage round in June 2024, led by La Maison Partners.
Who are I-TRACING's investors?I-TRACING's investors include La Maison Partners, Eurazeo, Sagard and Oakley Capital.
What is I-TRACING's revenue?I-TRACING's latest recorded revenue is $161M (June 2024).
What is I-TRACING's revenue multiple?I-TRACING's latest valuation implies a 3.3x revenue multiple ($535M valuation on $161M of revenue).
Which companies are comparable to I-TRACING?Companies comparable to I-TRACING include Aryaka Networks, Beijing VRV Software, Hawk, Cymulate, Descope and Baudroie.
How many companies has I-TRACING acquired?I-TRACING has acquired 1 company, including Apalia.

See companies similar to I-TRACING

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial