Eurazeo Small-mid Buyout

Paris, March 18, 2022


Cathay Capital, Eurazeo via its Small-Mid Buyout1 team and Sagard NewGen have signed an exclusivity agreement with a view to investing in DiliTrust alongside its management team led by Yves Garagnon and Nadim Baklouti.

Under the agreement, the consortium of investors would become the group’s core shareholder by investing more than €130 million, of which Eurazeo would invest €52 million. Calcium Capital, which has been a financial investor in DiliTrust since 2017, is selling all of its stake.

With the DiliTrust Governance Suite, DiliTrust offers a unified and secure platform, composed of different modules to meet the growing digitalization needs of legal departments and governance bodies of large corporates, SMEs and public entities. The SaaS editor supports more than 2000 organizations in their efforts to automate processes, improve performance and protect their strategic and sensitive data. DiliTrust enables them to achieve these objectives, notably through a board portal for managing board meetings, as well as modules for managing legal entities and managing contracts and litigations. 

In 2021, the group, which employs more than 160 people worldwide, achieved a turnover of nearly 20 million euros, half of which was generated internationally, with an increase of around 30% per year in recent years. Already present in France, Canada, Italy, the Middle East and Africa, DiliTrust has also strengthened its presence in Spain and expanded its operations in Latin America following the acquisition of Gobertia last year. 

DiliTrust is continuing to expand by gaining new clients in France and abroad, and it intends to complement this expansion with an active buy-and-build strategy, with the support of its new financial partners. Cathay Capital, Eurazeo, Sagard NewGen and DiliTrust’s management team intend to leverage the company’s best-in-class skillset, strong reputation and robust underlying market growth in order to achieve their shared ambition of accelerating DiliTrust’s growth and build a global leader in legal and governance solutions. 

Yves Garagnon, CEO of DiliTrust, said:  

“The need to digitize and secure the most sensitive corporate data is growing. We have a robust suite that fully meets these challenges, particularly for boards of directors and legal departments. We are recognized for the ease of use and performance of our suite and are identified as one of the world's leading players by major analysts such as Gartner. We are delighted with the confidence placed in us by this consortium of investors.” 

Jérémie Falzone, Partner at Cathay Capital, Benjamin Hara, Member of Eurazeo Mid Cap’s Executive Board and Guillaume Lefebvre, Partner at Sagard NewGen said:  

“We are very happy to support DiliTrust and its management team led by Yves Garagnon with the ambition of creating a global leader in governance solutions. The Enterprise Legal Management software market is growing rapidly, in line with the general acceleration in the take-up of LegalTech solutions. DiliTrust is a leading player in this market with an integrated software suite that has won over a number of top-tier clients. We are excited about the prospect of bringing the international business networks, sector expertise and active support of Cathay, Eurazeo and Sagard to help DiliTrust achieve its ambitious strategy, based on a combination of organic growth and acquisitions.” 

Cédric Duchamp, Managing Partner at Calcium Capital, said: 

“We are proud of the achievements since 2017, working alongside DiliTrust and its management team led by Yves Garagnon. The company has demonstrated an outstanding ability to anticipate key market trends and to meet the needs of the most demanding clients. We are delighted to see Cathay, Eurazeo and Sagard team-up to continue the work with DiliTrust in the next phases of acceleration of its development.” 

1Part of the Eurazeo Mid Cap asset management company. 

Information - Individual investors

Eurazeo Investment Manager (EIM) and Eurazeo Mid Cap (EMC) are merging to form Eurazeo Global Investor (EGI)