Technology portfolio

 

Strategic report / Sector review: Technology

Technology portfolio

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OCI valuation
Cegid

£99.2m

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Cegid

Cegid is a European leader in enterprise management software and cloud services.

Following the strategic combination of Grupo Primavera with leading software provider Cegid in 2022, the group continued to perform well in 2024. Over 90% of revenues are now recurring with the installed base having largely migrated to SaaS, primarily driven by a strong uptake of cloud solutions by SMEs across core markets of France, Spain and Portugal. Cegid signed the acquisition of three strategically important businesses in the year; PHC in Portugal, Microdata in Spain and Sevdesk in Germany.

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OCI valuation
WebPros

£74.4m

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WebPros

The WebPros Group comprises two of the most widely used webhosting automation software platforms, simplifying the lives of developers and web professionals the world over.

WebPros revenue and EBITDA grew slightly above prior year for the 12 months to December 2024, as a result of general market softening which continued from 2023. Growth is expected to pick up in 2025, albeit at more muted levels than pre-2023 rates, driven by continued ARPL (Average Revenue Per License) growth across the business, with high levels of recurring revenue providing clear revenue visibility. The business continues to achieve strong EBITDA margins of c.62% and remains highly cash generative.

 

OCI valuation
Contabo

£39.7m

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Contabo

A leading cloud infrastructure provider offering hosting services to developers and SMEs, with over 330k customers from c.180 countries.

Contabo delivered revenue growth of 10% and EBITDA growth of 7% in the 12-month period to December 2024, versus prior year. Contabo continues to deliver excellent profitability and cash generation but growth softened slightly over the past year as a result of higher-than-expected churn. The management team have developed a detailed action plan to resolve the platform issues which have resulted in the churn.

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OCI valuation
I-TRACING

£35.6m

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I-TRACING

A leading independent provider of cyber security services in France.

I-TRACING, acquired in November 2024, has performed well in the 12-month period to December 2024, with revenue and adjusted EBITDA increasing 20% and 23% respectively versus prior year. During 2024 the company acquired over 70 new customers (from a base of ~250) and launched a dedicated mid-market sales stream, as an extension of the company’s historical focus on the large enterprise customer segment. In February 2025, I-TRACING agreed a strategic partnership with Bridewell to create an independent European leader in cyber security services.

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OCI valuation
Assured Data Protection

£26.7m

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Assured Data Protection

A specialist IT Managed Services provider focused on Disaster Recovery as a Service.

Assured Data Protection (Assured), acquired in October 2024, has performed well in the 12-month period to January 2025, with revenue and adjusted EBITDA increasing 47% and 19% respectively versus prior year. Given the significant growth of the business there is an ongoing material investment in the cost base particularly in the sales, research & development (‘R&D’) and finance functions. Assured is focused on building out the team over the course of the next year in order to accelerate go-to-market coverage through the channels, in addition to advancing other initiatives such as R&D and operations. Other workstreams to support the scaling of the business are also underway, including system and organisation reviews.

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OCI valuation
vitroconnect

£16.6m

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vitroconnect

A leading broadband open access platform in Germany.

vitroconnect, acquired in July 2024, has demonstrated strong and profitable growth since acquisition. For the 12-month period to December 2024, the company delivered Net Sales and EBITDA growth of 10% and 35% respectively versus prior year. This performance is driven by growth in Net Sales from existing customers, as well as the acquisition of new customers during the period. The number of lines that vitroconnect invoiced has grown by 9% year-on-year, with the number of fibre lines invoiced increasing by 58%.

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OCI valuation
Seedtag

£10.7m

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Seedtag

A leader in contextual advertising.

Seedtag continued to perform well in 2024, with gross revenue and EBITDA growth for the 12-month period to December 2024 of 40% and 60% respectively versus prior year. The company is working on the integration of the two strategic acquisitions made in 2024. Beachfront (expansion of offering into connected TV) and JustEggs (entering the Australian market). Seedtag also accelerated its organic growth in the year through entering the Canadian and Peruvian markets as well as focusing on expanding its product portfolio (premium branding Connected TV).

 

OCI valuation
Horizons Optical

£9.5m

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Horizons Optical

A provider of progressive lens design software solutions for lens manufacturers.

Horizons Optical, acquired in April 2024, is a provider of medical software used to make premium spectacle lenses. Horizons delivered strong topline growth, with revenue growth in the 12-month period to December 2024 of 25% versus prior year, driven by growth in both existing clients and new accounts. The company continues to progress on go-to-market initiatives (global customer mapping, top of funnel segmentation, sales channels etc.). The business has recruited two new sales representatives who will join the company in H1 2025 and the recruitment of eight new sales positions is ongoing. The CRM (Customer Relationship Management) implementation project is on schedule and is expected to go live in first half of 2025.

 

OCI valuation
Alerce

£9.4m

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Alerce

A leading Spanish provider of transport and logistics software solutions.

In the 12 months to December 2024, the Alerce Group delivered revenue and EBITDA growth of 11% and 3% respectively versus prior year. Since its acquisition in March 2024, Alerce has completed its first add-on, acquiring WeMob, which provides fleet management and telematic SaaS solutions, in August 2024. Integration is now complete and cross-selling initiatives are ahead of plan. Alerce is gaining traction in its M&A pipeline and is in advanced talks with several priority targets in key adjacent verticals.

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OCI valuation
ECOMMERCE ONE

£7.9m

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ECOMMERCE ONE

A leading provider of e-commerce software in the DACH region.

The ECOMMERCE ONE Group continued to perform well in the 12-month period to December 2024, delivering revenue and adjusted EBITDA growth of 8% and 39% respectively versus the prior year. Key contributors of growth were the software assets of the Group, namely Afterbuy, DeamRobot and Gambio. Recurring revenues grew by 23% in 2024, and now account for c.81% of total revenue.

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OCI valuation
World Host Group

£6.4m

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World Host Group

Global shared hosting roll-up, providing domains, webhosting and email hosting solutions.

In H1 2024, Oakley facilitated the merger of Webcentral with World Host Group (WHG), a European shared hosting roll-up. In the 12-month period to December 2024, WHG maintained revenue in line with prior year. WHG has been focused on its acquisition strategy, adding 7 businesses, including US-based A2Hosting, since the merger. WHG has also prioritised building a scalable technological and organisational platform to support future growth and integrations. In January 2025, WHG completed the acquisition of A2Hosting, increasing the Group’s EBITDA by over 50%.