Cybersecurity · Paris, France
Hawthorn Cyber
Software-enabled services · Founder-owned · Founded 2010
Revenue€78mIllustrative LTM
EBITDA€13m16% margin
Revenue growth+19%Year on year
Recurring revenue55%Estimated share
Employees389+14% year on year
Company view
Medium confidenceIdentity-security platform and managed operations service for regulated European enterprises.
Identity operationsSoftware-enabled servicesFranceFounder-owned
Synthetic source fields
No live client dataBusiness modelSoftware-enabled services
OwnershipFounder-owned
Revenue€78m
EBITDA€13m
Recurring revenue55%
International revenue42%
Investment thesis
What could be true- Attractive category with a differentiated managed-software model.
- Strong growth and international expansion at meaningful scale.
Risks to resolve
Before advancing- People-led delivery may constrain margin expansion.
- Vendor-platform concentration needs deeper diligence.
Screening dimensions
Deterministic v1.0Revenue quality1.1 / 2.0
55% recurring revenue leaves material exposure to transactional or services revenue.
Scale1.1 / 1.5
€12.5m EBITDA is investable but near an edge of the preferred range.
Growth1.2 / 1.5
19% revenue growth indicates meaningful organic momentum.
Profitability0.8 / 1.5
16% EBITDA margin is credible with room for further leverage.
Market focus1.00 / 1.25
The identity operations focus is clear, with some adjacent exposure.
Product depth0.8 / 1.0
The product appears embedded, although technical differentiation needs validation.
International0.55 / 0.75
42% international revenue provides evidence of early cross-border repeatability.
Dealability0.5 / 0.5
Founder-owned status could support flexible bilateral engagement.