Eurazeo, which was supporting I-TRACING, a French managed cybersecurity services pure-player through its Small-mid buyout team, has raised a €180 million Continuation Fund. It has also announced the company’s exit from the Small-mid buyout team to its newly established fund.
I-TRACING also saw the support from Oakley Capital (which invested in Seedtag), Sagard NewGen, Five Arrows Secondary Opportunities, and TPG GP Solutions. All founders and the management team of I-TRACING consolidate their shareholding in the company, with over 80 managers and employees reinvesting in it as part of the transaction.
This new investment will back the company’s ambitious expansion strategy, through an active European buy-and-build roadmap with several acquisitions. The company eyes to become a European cybersecurity services champion, capitalising on its pure-player positioning at the service of a growing blue-chip clients base. It also plans to attract the best talents in the cybersecurity space.
MSSP platform for modern threats
I-TRACING was founded in 2005 by Théodore-Michel Vrangos and Laurent Charvériat. The MSSP addresses the most critical needs of its blue-chip clients in the Enterprise and Mid-market segments.
Its solutions are built on Google Security Operations, an AI-powered SecOps platform. As a Google Cloud MSSP partner, I-TRACING designs, launches, and tailors programs to meet organisation’s needs
I-TRACING can improve your security posture and maturity by building, deploying, and tuning a comprehensive security infrastructure based on Google Security Operations. It provides guidelines, guardrails, and methodology to give customers the automated alert and remediation capabilities required to optimise their security technology.
The company leverages Google Security Operations to investigate incidents with threat intelligence insights from Mandiant. The team can respond to incidents quickly with shared data, prioritised alerts, and hundreds of orchestrated security tools.
Milestones achieved
Headquartered in Paris, I-TRACING employs more than 700 cybersecurity experts with additional subsidiaries in Canada, Hong-Kong, Malaysia, China, Switzerland, and the UK to support its clients internationally.
Over the last three years, I-TRACING more than doubled in size and targets nearly €150 million in revenue for 2024, which was possible via a strong and steady 30% organic growth per annum.
Théodore-Michel Vrangos, Co-founder and President, I-TRACING, said: “We believe that there is significant untapped potential for further organic and external growth to create a leading MSSP in Europe. We are fully committed in this exciting next phase of development, reinvesting significantly alongside our teams. We are convinced that the combination of Oakley Capital and Eurazeo will enable us to continue and accelerate our growth journey internationally, accompanying our major French and European clients in all their cybersecurity needs, while ensuring to maintain our values, the quality of our expertise, and the commitment to our clients in an attractive environment for our talented teams.”
Pierre Meignen, Partner & Head of Small-mid buyout, Eurazeo, added: “We are proud of the strong partnership we have built with the I-TRACING’s team over the last three years, confirmed by the company’s positioning as the leading independent MSSP in France and are thrilled to renew this collaboration. We experienced a very strong appetite for the Continuation Fund which underpins the quality of I-TRACING and we believe we have selected the right partners, with Five Arrows Secondary Opportunities and TPG GP Solutions as co-leads, to continue supporting I-TRACING’s ambitious European expansion plan. We are now eager to embark on the next phase, with the aim of building the European cybersecurity services pure-player.”
Mireille Klitting, Managing Partner of Five Arrows Secondary Opportunities (FASO), commented: “This transaction illustrates FASO strategy to support GPs with their trophy companies, by providing them additional time and capital to unlock full value potential. I-TRACING is now fully equipped to become a leading pan-European cybersecurity player in a still highly fragmented market, and we look forward to building a promising partnership with I-TRACING management team and Eurazeo.”
Matt Jones, Co-Managing Partner of TPG GP Solutions, said: “For more than a decade, cybersecurity has been a key thematic focus area for TPG in both the U.S. and Europe. As the technical complexity, sophistication, and frequency of attacks becomes more pronounced, I-TRACING has distinguished itself as a trusted cybersecurity partner with end-to-end solutions. We are excited to partner with Eurazeo to support I-TRACING’s impressive team in its next chapter of growth.”