I-Tracing

Who owns I-Tracing?

I-Tracing is a French Cybersecurity company, currently owned by Oakley Capital since 2024 and 2 other investors. It changed hands in 2024, when Sagard and Eurazeo sold.

About I-Tracing

I-TRACING is a leading independent French pure-play provider of cybersecurity services, spanning consulting, audit and penetration testing, solution integration, identity and access management, cloud security and 24/7 managed detection and response delivered from its own security operations centers. The Paris-based group targeted revenue of approximately EUR 150 million for 2024 and employs more than 700 cybersecurity experts, with subsidiaries in the UK, Switzerland, Canada, Hong Kong, China and Malaysia. In February 2025 it announced a strategic combination with UK peer Bridewell, subject to regulatory clearances, intended to create the independent European leader in cybersecurity services.

Ownership journey

I-TRACING was founded in Paris in 2005 by Theodore-Michel Vrangos and Laurent Charveriat. Keensight Capital backed the company as a minority shareholder from 2017 and sold its entire stake in May 2021, when Eurazeo, investing through Eurazeo PME IV, became the reference shareholder and Sagard NewGen took a minority position alongside the founders and management. In November 2024 Eurazeo exited the PME IV position through a GP-led secondary, rolling the asset into the EUR 180 million single-asset Eurazeo Elevate Continuation fund that it continues to manage. As part of that transaction a new institutional investor joined as co-control shareholder alongside Eurazeo, Sagard NewGen reinvested as a minority holder and more than 80 managers and employees reinvested with the founders. La Maison Partners holds a further minority position through its La Maison NextGen vehicle.

Under PE ownership

Revenue tripled in the four years under Keensight's minority backing, reaching nearly EUR 50 million in 2020, up around 40 percent on 2019. Under Eurazeo and Sagard NewGen the group then more than doubled in size in three years, compounding at roughly 30 percent organic growth per annum toward approximately EUR 150 million of targeted revenue in 2024, while headcount rose from around 285 experts at the 2021 entry to more than 700. Add-on acquisitions extended the platform into identity and access management and cloud security, and the footprint widened from subsidiaries in London, Hong Kong and Montreal to also cover Switzerland, China and Malaysia. The combination with Bridewell announced in February 2025, struck under the continuation-fund ownership, is intended to create the independent European leader in cybersecurity services.