Strategic report / Sector review: Technology

Technology portfolio

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OCI valuation
Cegid

£101.8m

Cegid

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

For the six-month period to June 2025, Cegid reported revenue and EBITDA growth of 4% and 13% respectively, versus prior year. Cegid completed two strategically important acquisitions in the first half of the year. The first, PHC, a Portuguese-based ERP software provider, will consolidate Cegid's leading position in the Iberian market. The second was Sevdesk, the DACH market leader for microbusiness invoicing solutions. This acquisition bears particular importance as it opens up the DACH market for Cegid. This is a key market given the mandatory electronic invoicing reform in Germany which is expected between 2026 and 2027.

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.

For the six-month period to June 2025, WebPros delivered revenue and EBITDA growth of 5% and 8% respectively, versus prior year. The company continues to have high levels of recurring revenue, providing clear revenue visibility while continuing to achieve strong EBITDA margins of c.60% YTD. In the period, WebPros completed the acquisition of Comet Licensing Limited, which delivers reliable and secure backup solutions for managed service providers, businesses and IT professionals.

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OCI valuation
WebPros

£73.1m

OCI valuation
I-TRACING

£55.6m

I-TRACING

A leading independent provider of cybersecurity services in France.

In H1 2025, I-TRACING completed the acquisition of Bridewell, the UK’s leading independent cybersecurity services provider. The combination creates the largest European independent pure-play managed security services provider. For the six-month period to June 2025, the combined business delivered revenue growth of 11% and continued to make progress on M&A with the acquisition of DoIT in July, securing a long-sought entry into the German cybersecurity market.

Contabo

A leading cloud infrastructure provider offering hosting services to developers and SMEs, with over 200,000 customers from c.190 countries.

Contabo delivered revenue growth of 3% in the LTM period to June 2025, versus prior year. Contabo continues to deliver exceptional profitability, but growth has slowed over the past two years due to unusually high churn driven by operational challenges, coupled with a recent slowdown in new customer acquisitions. The technical platform issues that impacted the performance of the core VPS hosting product in 2024 have been convincingly resolved since the start of the year. This is reflected in strong up-time metrics across all data centres and steadily improving customer satisfaction and review metrics.

OCI valuation
Contabo

£36.5m

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OCI valuation
Assured Data Protection

£28.1m

Assured Data Protection

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

Assured Data Protection (Assured) has continued to perform well in the period to June 2025, with revenue YTD increasing 58% 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. In parallel to driving core operations, Assured is managing multiple projects, from continuing to ramp up operations in France, a new key region, to working on the finance function and reviewing current systems.

vitroconnect

A leading broadband open access platform in Germany.

vitroconnect, acquired in July 2024, continues to deliver strong and profitable growth. For the HY25 period, the company delivered revenue, referring to net sales, and EBITDA growth of 14% and 25% versus prior year. This development is driven both by growth in existing customers and the acquisition of new ones. The number of broadband connections invoiced by vitroconnect has grown by 8% to 1.2 million as at June 2025, of which the number of fibre broadband connections invoiced grew by 57%. Management continues to expect favourable topline momentum in the short term as vitroconnect’s customers continue to progress their fibre broadband roll-outs and are expanding their commercial relationships with vitroconnect.

OCI valuation
vitroconnect

£18.4m

OCI valuation
Seedtag

£10.9m

Seedtag

A leader in contextual advertising.

Seedtag continued to perform well in H1 2025, with revenue growth of 18% versus prior year and EBITDA growth of 76%. The US business continues to accelerate the growth of the group as a result of the continued roll-out of connected TV as well as several new blue-chip clients. Management is focused on re-accelerating growth in core European regions, as well as continuing to integrate and roll out the Beachfront offering across geographies and clients.

Horizons Optical

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

Horizons continued to show strong topline momentum, delivering HY25 revenue growth of 20% versus prior year, driven by growth in both existing clients and new accounts. There has also been positive performance across the manufacturing and retail divisions, up 18% and 24% respectively versus prior year. The company continues to progress on go-to-market initiatives (global customer mapping, top of funnel segmentation and sales channels). The sales and marketing team is expanding, with four new representatives and a new CMO onboarded in H1 25. The CRM implementation project, which went live in March 2025, is progressing according to plan.

OCI valuation
Horizons Optical

£10.6m

OCI valuation
Alerce

£10.0m

Alerce

A leading Spanish provider of transport and logistics software solutions.

In H1 2025, Alerce delivered revenue growth of 16% versus prior year and sustained EBITDAC margin >25% on a reported basis. Alerce reinforced its corporate structure capabilities to deliver the ambitious organic and inorganic Business Plan. At present, it is in advanced discussions with several priority targets to expand its product offering across verticals such as full truckload, customs management and freight forwarding.

Hosting.com

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

For the six-month period to June 2025, Hosting.com delivered revenue broadly in line with the prior year, while EBITDA was lower. This performance is in line with expectations, reflecting the significant focus on and investment in establishing a technological and organisational platform capable of scaling, acquiring and integrating assets effectively and efficiently. M&A, the core value driver of this strategy, is progressing well ahead of plan, with nine acquisitions completed over the past year (including the merger with World Host Group) at an average EV/EBITDA multiple of 6.7x.

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OCI valuation
Hosting.com

£9.6m

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OCI valuation
ECOMMERCE ONE

£8.2m

ECOMMERCE ONE

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

The ECOMMERCE ONE group continued to perform in H1 2025. The business delivered revenue growth slightly behind the prior year, driven by a deliberate scale-back of the non-recurring agency business in the group, in line with ECOMMERCE ONE’s strategic focus on high-quality recurring revenue. Management’s strategic focus for the second half of the year has shifted to accelerating new customer acquisitions to strengthen organic revenue growth.

Oakley Capital Investments

Half Year Report 2025

Oakley Capital Investments

Half Year Report 2025