Eurazeo’s small-mid buyout team1 has signed an exclusivity agreement with the aim of investing in I-TRACING alongside the company’s management and founders Theodore-Michel Vrangos and Laurent Charvériat, who would collectively hold 49% of the company’s equity after completion of the transaction.

Keensight Capital, minority financial shareholder since 2017, would sell its entire stake while Sagard NewGen would invest as a minority shareholder in a holding company controlled by Eurazeo.

The transaction would value I-TRACING at €165 million.

Eurazeo would become an anchor investor of the group by investing around €65 million.

I-TRACING was founded in 2005 and offers a comprehensive range of high-value-added services to secure its clients’ IT systems: consultancy, audits and pen tests, integration of diversified software solutions and associated managed services, identity and access management, operation of SOCs (Security Operations Centers) as well as deployment of cyberattack response units (CERTs or Computer Emergency Response Teams).

Headquartered in Paris, I-TRACING employs more than 285 experts who help their clients (CAC40, SBF120 and medium-sized companies) with all of their cybersecurity needs.

The company also has subsidiaries in Montreal, Hong Kong and London, enabling the group to offer managed services and support on a 24/7 basis.

In 2020, I-TRACING generated nearly €50 million of revenue, up around 40% vs. 2019, despite the Covid-19 crisis.

The company targets around €70 million revenues in 2021.

Eurazeo’s small-mid buyout team, Sagard NewGen and I-TRACING’s management share the ambition of building a leading European provider of cybersecurity services.
This would entail an acceleration of the company’s growth through further expansion, capitalizing on its high level of expertise as well as the rapid growth of its market and underlying demand.
The new chapter is also aiming at pursuing an active buy-and-build strategy, with several targets already identified, as well as supporting I-TRACING’ clients internationally.


Pierre Meignen, Member of Eurazeo PME’s Executive Board, said:

“We are delighted to be involved in I-TRACING’s project. Eurazeo ambitions to provide long-term support to Théodore-Michel Vrangos and Laurent Charvériat in their growth strategy and contribute to the emergence of a European leading independent provider of cybersecurity services. Further than its financial support, Eurazeo would bring the expertise and support of its experienced teams located in 10 countries around the world and its international business network. We can’t wait to actively back the group in a new active phase of its development.”


Théodore-Michel Vrangos and Laurent Charvériat, I-TRACING’s two Founding Partners, underlined:

“We are very pleased to enter I-TRACING’s a new phase of development alongside Eurazeo and Sagard, to write a new chapter in our journey as an independent company, 15 years after it was founded. Since 2017, we have successfully passed critical steps with the help of Keensight Capital’s teams: we have tripled our revenue in a four years’ time, structured our offering and our organization, doubled our workforce, accelerated our international growth and made our first add-on. We very grateful for their valuable support. From now on, with the assistance of Eurazeo and Sagard, we will accelerate our growth both in France and internationally in Europe, Asia and North America, accompanying our major French and European clients in all of their cybersecurity needs. We will ensure to maintain our values and mindset, the quality and expertise of our services, commitment to our clients in a thrilling environment for our staff.”


Bérangère Barbe, Agnès Huyghues-Despointes, Guillaume Lefebvre, Partners at Sagard NewGen, said:

“We would be very happy to accompany Théodore-Michel Vrangos and Laurent Charvériat’s outstanding team, alongside Eurazeo, in this new phase of development.
I-TRACING has an impressive track record of growth over the last 15 years, offering a broad array of customizable cybersecurity services praised by its clients. This new step will be an opportunity for I-TRACING to leverage Sagard’s relational and commercial network in Europe and North America to pursue a dynamic organic growth and add-ons aimed at strengthening its positioning and technological expertise.”

Philippe Crochet, Managing Partner at Keensight Capital, specifies:

“I-TRACING is a perfect example of the companies we like at Keensight: it provides essential services in a fast-growing market and is an undisputed leader in its industry thanks to a talented and visionary management team. We have actively supported the group in the recent years, particularly outside France with the opening of a new office in Montreal, and in external growth with the strategic acquisition of Idento in 2019, a major player of identity and access management services. At Keensight, we focus on successful companies before, during and after our investment. I-TRACING perfectly fits that description and we are proud of what we have achieved together.”

• Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in assets under management, including €15 billion from third parties, invested in 450 companies. With its considerable private equity, private debt, real estate and infrastructure expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
• ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

• I-TRACING was founded in 2005 in Paris by Laurent Charvériat and Théodore-Michel Vrangos, who were soon joined by Michel Vujicic and then Laurent Besset. It is France’s leading independent pure-play provider of cybersecurity services, covering all requirements in this field: cyberdefence (CyberSOC, I-CERT, Vulnerability Management Center, offensive audit, 24/7 “follow-the-sun” CyberSOC etc.), consultancy and solution engineering/integration, support and managed services. Idento, which joined the group in 2019, provides consultancy and engineering services in the field of Identity and Access Management (IAM).
• The I-TRACING group comprises the I-TRACING companies based in Puteaux, London, Hong Kong and Montreal, along with IDENTO I-TRACING Group, which has locations in Asnières and Nantes.
• The company generated consolidated revenue of €50 million in 2020, up around 40% compared with 2019, and its current workforce consists of 285 engineers. Its client base consists of more than 230 companies across all business sectors, including 30 CAC 40 companies.
• PRESS CONTACTS: Véronique Loquet ( – +33 (0)6 68 42 79 68)


Pin It on Pinterest

Share This