Goldman Sachs Asset Management Division (“Goldman Sachs”) and GRO Capital today announced that they have agreed to sell Trackunit, a global leader in software-led telematics solutions for the off-highway vehicle market, to Hg, a leading global software investor. Terms of the transaction were not disclosed.
Trackunit is a driving force in the digitization of the construction sector and serves OEMs, rental companies and contractors, connecting construction equipment and processing data to the cloud to deliver value-added insights. The SaaS-based Internet of Things (IoT) offering enables Trackunit’s customers to manage fleets of machinery more efficiently. It also helps to improve operations based on real-time data insights, minimizing downtime and allowing for preventive maintenance and the potential to extend the lifetime of vehicles, as well as enabling improved health, safety and environmental performance.
Goldman Sachs and GRO Capital invested in Trackunit in 2015, recognising its strong proposition, large loyal customer base and a significant global potential in servicing rental, OEM and contractor customers. Goldman Sachs and GRO Capital have worked with Trackunit’s management to scale the company globally, recruiting the best talent in the industry, building a sizeable US business, strengthening the company’s European presence, and gaining a foothold in Asia, to become a SaaS-based leader within its industry, supporting customers’ operations with advanced data-driven foresight.
Michael Bruun, Partner at Goldman Sachs said “It has been great to work with the Trackunit team over the past five years. Using our deep technology sector experience and global footprint, we are proud to have been able to support and build the company into the global leader that it has become.”
Lars Dybkjær, Managing Partner, GRO Capital said “This has been a great journey and result for us as investors, and a great testament to GRO Capital’s strategy of supporting Northern European software companies in becoming global leaders and thought leaders in their industry. We are very proud to have been part of developing Trackunit together with a strong management team and great employees.”
Soeren Brogaard, CEO, Trackunit stated, “GRO Capital and Goldman Sachs have been exceptional partners during the last five years. They were quick to understand the needs of the construction industry and the opportunity for digital transformation to eliminate downtime and deliver greater productivity from the use of machines and equipment. They have contributed all their capabilities and expertise in supporting and guiding the expansion of Trackunit’s global network and position in the market.”
The selling shareholders were advised by Goldman Sachs Investment Banking Division, Bruun & Hjejle and White & Case. Closing of the transaction is subject to customary regulatory approvals, and is expected to occur during Q2 2021.
For additional information, please contact:
Lærke Ullerup, CMO at Trackunit
Phone: +45 53703033
Lars Dybkjær, Managing Partner
Phone: +45 29435529
Joseph Stein, Media Relations
Phone: +44 2077744080
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.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
For further information, please visit www.gs.com
About GRO Capital
GRO Capital is a leading North European private equity fund with a focus on B2B software and tech enabled businesses with strong growth prospects. GRO Capital serves as active owners developing companies with a view to creating long- term value.
For further information about GRO Capital please visit: www.grocapital.dk