EURAZEO (EPA:RF) - EURAZEO SIGNS AN EXCLUSIVITY AGREEMENT AIMING AT INVESTING IN I-TRACING

Transparency directive : regulatory news

11/05/2021 18:01

Press release

EURAZEO SIGNS AN EXCLUSIVITY AGREEMENT AIMING AT INVESTING IN I-TRACING, A
FRENCH LEADING INDEPENDENT PROVIDER OF CYBERSECURITY SERVICES

Paris, May 11, 2021

Eurazeo's small-mid buyout team(1) 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 EUR165 million. Eurazeo would become
an anchor investor of the group by investing around EUR65 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 EUR50 million of revenue, up around
40% vs. 2019, despite the Covid-19 crisis. The company targets around EUR70
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.

(1) gathered under Eurazeo PME management company

EURAZEO
1 rue Georges Berger - 75017 Paris
www.eurazeo.com

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."

ABOUT EURAZEO

* Eurazeo is a leading global investment group, with a diversified portfolio of
EUR21.8 billion in assets under management, including EUR15 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

ABOUT I-TRACING

* 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 EUR50 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.

* https://i-tracing.com/

* PRESS CONTACTS: Véronique Loquet (vloquet@alx-communication.com -
+33 (0)6 68 42 79 68)

ABOUT SAGARD NEWGEN

* Sagard NewGen aims to support the development of leaders in the healthcare
and technology sectors. The fund was established to make majority and minority
equity investments, financing the growth strategy of profitable European
companies that share its commitment to innovation and sustainability (revenues
of up to EUR150 million).

* Sponsored by Sagard Holdings and supported by Sienna Capital, Sagard NewGen
extends the platform's European base alongside Sagard MidCap. Sagard NewGen
provides management teams with bespoke support and a high value-added ecosystem
that has truly international reach through its presence in Europe, North
America and Asia.

* Sagard has offices in Paris, Montreal, Toronto, New York, San Francisco and
Singapore.

* www.sagard.eu

* PRESS CONTACTS: Stéphanie Lacan Tabouis, Publicis Consultants
(stephanie.tabouis@publicisconsultants.com - +33 (0)6 03 84 05 03)

ABOUT KEENSIGHT CAPITAL

* Keensight Capital, one of the leading European Growth Buyout firms, is
committed to supporting entrepreneurs as they implement their growth
strategies. For 20 years, Keensight Capital's seasoned professionals have
leveraged their knowledge of investment and growth industries to invest for the
long term in profitable companies with high growth potential and revenues in
the range of EUR10 million to EUR300 million.

* Drawing on its expertise in the Tech and Healthcare sectors, Keensight
identifies the best investment opportunities in Europe and works closely with
management teams to develop and achieve their strategic vision.

* www.keensightcapital.com

* PRESS CONTACTS: Anne de Bonnefon - abonnefon@keensightcapital.com -
+33 (0)1 83 79 87 37

* Citigate Dewe Rogerson: Yoann Besse / Estelle Bleuze -
estelle.bleuze@citigatedewerogerson.com - +33 (0)7 63 73 05 67

EURAZEO CONTACTS

Virginie Christnacht
HEAD OF COMMUNICATIONS
vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44

Pierre Bernardin
HEAD OF INVESTOR RELATIONS
pbernardin@eurazeo.com
+33 (0)1 44 15 16 76

PRESS CONTACT

DAVID STURKEN
MAITLAND/AMO
dsturken@maitland.co.uk
+44 (0)7990 595 913

EURAZEO's latest news

22/04/2024 17:35

EURAZEO (EPA:RF) - EURAZEO SIGNS AN EXCLUSIVITY AGREEMENT AIMING AT INVESTING IN I-TRACING

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