Eurazeo has launched a €180 million Continuation Fund to support I-TRACING, a French cybersecurity firm, marking its transition from Eurazeo's Small-mid buyout team to a newly established fund. This initiative is backed by several investors, including Oakley Capital, Sagard NewGen, Five Arrows Secondary Opportunities, and TPG GP Solutions, with over 80 managers and employees of I-TRACING reinvesting in the company.

The funding aims to facilitate I-TRACING's ambitious expansion strategy, focusing on a European buy-and-build approach through multiple acquisitions. The company aspires to become a leading cybersecurity services provider in Europe, leveraging its expertise to serve a growing base of blue-chip clients and attract top talent in the cybersecurity sector.

Founded in 2005 by Théodore-Michel Vrangos and Laurent Charvériat, I-TRACING specializes in managed cybersecurity services for enterprise and mid-market clients. Its solutions utilize Google Security Operations, an AI-driven SecOps platform, enabling the company to tailor security programs to meet specific organizational needs. I-TRACING enhances clients' security postures by deploying comprehensive security infrastructures and providing automated alert and remediation capabilities.

Headquartered in Paris, I-TRACING has expanded significantly, employing over 700 cybersecurity experts and establishing subsidiaries in Canada, Hong Kong, Malaysia, China, Switzerland, and the UK. The company has more than doubled its size in the past three years and is targeting nearly €150 million in revenue for 2024, driven by a robust 30% annual organic growth rate.

Vrangos expressed confidence in the potential for further growth, emphasizing the commitment to reinvest alongside the team. He believes that the collaboration with Oakley Capital and Eurazeo will accelerate I-TRACING's international growth while maintaining its core values and commitment to clients.

Pierre Meignen from Eurazeo highlighted the strong partnership with I-TRACING, noting the company's leading position as an independent MSSP in France. He expressed enthusiasm for the Continuation Fund's potential to support I-TRACING's European expansion.

Mireille Klitting of Five Arrows Secondary Opportunities remarked on the strategy to provide additional time and capital for GPs to unlock value, positioning I-TRACING to become a prominent player in the fragmented cybersecurity market. Matt Jones from TPG GP Solutions reiterated the importance of cybersecurity and expressed excitement about partnering with Eurazeo to support I-TRACING's growth trajectory.