Trackunit attracts strategic investment from Hg to further accelerate the company’s journey to eliminate downtime in construction
March, 24, 2021, Aalborg, Denmark, Trackunit has announced that Hg, a leading global software investor, has agreed to acquire a controlling interest in the company from Goldman Sachs and GRO Capital.
The addition of Hg as the new owner provides specialized software-as-a-service (SaaS) expertise at a time of increasing technology mobilization within the construction industry. Trackunit, a global leader in software-led telematics solutions for off-highway vehicles and the construction market, is now positioned to intensify its global expansion.
Commenting on the new investment, Soeren Brogaard, CEO of Trackunit stated, “GRO Capital and Goldman Sachs have been exceptional partners during the last five years and helped us solidify our mission, and execute against it. We are proud to have attracted investment from Hg, which comes at a tipping point for the digitalization of construction. Hg’s understanding, experience and focus on scaling leading SaaS companies provides Trackunit with a knowledgeable partner to consolidate and realize our ambitions in a growing global industry.”
Florian Wolff, Partner at Hg, said: “Soeren and the team have led Trackunit to create a best-in-class, SaaS product for its ever-growing customer base. The business has become a key leader and long-term winner in what is a very interesting, global niche segment. We believe that the business has significant organic growth and attractive expansion opportunities ahead of it. We’re really excited about what we can achieve together.”
Nick Jordan, Partner at Hg, said: “Trackunit is a very high-quality business. We believe that Hg’s deep sector knowledge and operational expertise in the software and telematics space will add further support to this impressive track-record. Our experience in internationalization, the evolution of software and data and the further development of sales channels will add up to an even greater experience for Trackunit’s customers, as well as an exciting growth trajectory for the business.”
Construction Industry Reaches Tipping Point for Digital Transformation
Recent market reports from IDC Worldwide and McKinsey - the next software disruption – illustrate that SaaS has achieved over 25% share of the market for software solutions in the construction sector. Moreover, the increase in connectivity is growing and will amplify the opportunity for SaaS solutions across a global market.
Trackunit is a driving force in the digitization of the construction sector, serving equipment manufacturers, rental companies and contractors, connecting construction equipment and processing data to the cloud to deliver value-added insights. 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. Customers will benefit from additional investments in product, technology and new services.
Closing of the transaction is subject to customary regulatory requirements and approvals.
Trackunit is the leading SaaS-based IoT solution and machine insights provider to the global construction equipment industry. Trackunit collects and analyzes machine data in real-time to deliver actionable, proactive and predictive information, empowering customers with data-driven foresight.
Trackunit promises to lead the technology engagement to help eliminate downtime. The ambition of this mission is not only to recover from budget and schedule overruns, but also to re-establish the reputation of the industry for innovation and leadership.
From operator safety and machine health to business optimization, Trackunit’s industry-leading telematics software, hardware and fleet management services benefit the everyday operations of customers worldwide. Trackunit services its customers directly from its headquarters in Denmark and Chicago, IL and through subsidiaries in Sweden, Norway, France, Holland, Germany and England.
Visit www.trackunit.com for more information.
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 30 software and technology businesses, worth over $60 billion aggregate enterprise value, with over 35,000 employees globally.
Visit www.hgcapital.com for more information.
For additional information, please contact:
Laerke Ullerup – CMO at Trackunit
Phone: +45 53703033
Tom Eckersley – Head of Marketing at Hg
Phone: +44 208 148 5401
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