Software investor Hg Capital has purchased a majority stake in telematics and tracking company Trackunit from Goldman Sachs and GRO Capital.
Hg is quoted on the London stock exchange and has more than $30 billion of funds under management. It is based in London, Munich and New York with investments in around 30 software and technology businesses that have a total net enterprise value of around $60 billion.
Trackunit has specialised in software and telematics for the off highway market and has recently worked with IPAF to launch a new operator’s app - ePAL - which will include the new all digital IPAF PAL card along with logbook and operator safety guides - see: IPAF develops operator app.
Søren Brogaard chief executive of Copenhagen based Trackunit, said: “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 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."
Florian Wolff, a partner at Hg, added: “Soren 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."
Another HG partner Nick Jordan 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 internationalisation, 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.”
The transaction is subject to the usual regulatory requirements and approvals.