Trackunit secures funding from software investor

By Belinda Smart24 March 2021

Soeren Brogaard Soeren Brogaard, CEO, Trackunit.

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.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
JLG introduces Quad Tracks
The Quad Tracks are initially available on new 600S and 600SJ boom lifts, as well as some 2-wheel steer models 
New vehicle mount company established in Australia
Waimea Australia is majority owned by distributor Monitor Lifts and will offer products across the country 
Canada’s Canlift partners with XCMG
XCMG unaffected by supply issues, promising shorter delivery times
CONNECT WITH THE TEAM
Murray Pollok Managing Editor Tel: +44(0)1505 850 043 E-mail: murray.pollok@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA