Trackunit secures funding from software investor
By Belinda Smart24 March 2021
Telematics specialist Trackunit has attracted investment from global software investor Hg
Hg, which has funds under management of over $30 billion (€ 25 billion), has purchased a controlling interest in the company from previous owners Goldman Sachs and GRO Capital.
Trackunit uses software as a service (SaaS) and the Internet of Things (IoT) to generate and analyse trackable machine data for construction equipment, and says it’s positioned for expansion following the purchase.
Soeren Brogaard, CEO of Trackunit said the investment came “at a tipping point for the digitalisation of construction.”
“Hg’s understanding, experience and focus on scaling leading SaaS companies provides Trackunit with a knowledgeable partner to consolidate and realise our ambitions in a growing global industry.”
“With the new owners on board, the Trackunit team remains committed to solving the industry’s needs, but at a faster pace and with greater ambitions,” Trackunit’s statement said.
“Customers will benefit from additional investments in product, technology and new services.”
Nick Jordan, a Partner at Hg, said the company’s experience in international markets, software and data and development of sales channels would lead to “an even greater experience for Trackunit’s customers, as well as an exciting growth trajectory for the business.”
Closing of the transaction is subject to customary regulatory requirements and approvals.