Overview

Founded in 2003 in Aalborg, Denmark, Trackunit set out to eliminate downtime in the construction industry by connecting equipment, people, and processes across job sites. When GRO partnered with Trackunit in 2015, the company was a hardware-centric telematics provider with a strong presence in Europe. Over the following decade, Trackunit transformed into a global SaaS leader, powering connected construction through advanced AI capabilities, an integrated operating platform, and a growing international customer base.

Building the Flywheel

Trackunit’s transformation was anchored in building powerful momentum across Original Equipment Manufacturers (OEMs), rentals, and contractors. This placed the company at the center of the global construction ecosystem. Initially focused on selling tracking hardware to rentals, Trackunit expanded to working closely with OEMs to pre-install connectivity at the manufacturing stage, enabling seamless data sharing from production to end-use.

Meeting the needs of multiple stakeholders across the construction value chain was key to making Trackunit’s platform an integral part of everyday operations. Large rental customers advocated for pre-installed IoT connectivity to achieve full fleet visibility and improve invoicing, maintenance, and contract management. Contractors sought real-time transparency to reduce downtime and project costs. By aligning the interests of these stakeholders, Trackunit enabled a cycle where OEMs, rentals, and contractors all contributed data and insights. This created significant network effects and made Trackunit’s platform essential for efficient, transparent operations across the construction industry.

This strategic focus established Trackunit as an essential infrastructure layer within construction, with over 3 million connected machines, 2 billion data points collected daily, and 7,000+ daily active users. Increasing utilization, reducing idle time, and enabling customers to make smarter data-driven decisions.

Expanding Across Continents

To serve its global customers, Trackunit expanded beyond Europe to North America and Asia-Pacific. In 2018, the company established its US subsidiary, building local teams to support growing customer demand. A significant US acquisition in 2021 accelerated Trackunit’s North American growth, with the region now representing approximately 50% of the company’s revenue.

Five strategic acquisitions between 2016 and 2023 complemented strong organic growth, enhancing capabilities in OEM integrations, product development, and customer reach. This expansion allowed Trackunit to deliver consistent, high-quality service globally and expand at scale, supporting OEMs, rentals, and contractors in driving efficiency and sustainability in their operations.

Building the Team and Culture

As Trackunit scaled, GRO worked closely with the company to build a high-performing, globally oriented management team, ensuring the organization was equipped to lead at scale. Together, we supported the recruitment and development of key leadership roles across commercial, operational, and product functions, creating a cohesive global culture of execution and customer focus.

This cultural evolution included the development of mature commercial capabilities, revenue operations, and a professionalized go-to-market approach aligned with enterprise customers and OEM partnerships. Trackunit’s ability to combine high growth with operational excellence and a customer-first mindset became a defining strength throughout its expansion.

This foundation of operational rigor and customer alignment laid the groundwork for Trackunit’s next frontier: positioning equipment connectivity as a driver of sustainability. Trackunit’s platform enables customers to reduce idle time, optimize utilization, and lower carbon emissions, while driving industry-wide transparency and collaboration.

By embedding ESG into its operations and products, Trackunit has contributed to shaping a more sustainable, connected, and efficient construction industry, supporting its customers in meeting their environmental and operational goals.

The Next Chapter

In 2025, following a decade of strategic partnership with GRO, Trackunit was acquired by Goldman Sachs from GRO and Hg, who had been partners in the business since 2021. Goldman Sachs will support the company in its continued global scaling.

Milestones in the Partnership with GRO

During GRO’s decade-long partnership with Trackunit, the company achieved several key milestones:

• Expanded internationally through organic growth and five strategic acquisitions with North America now representing ~50% of revenue
• Launched a new enterprise- and OEM-focused go-to-market model with strong traction in Europe and North America
• Built a global ecosystem of leading rentals, OEMs, and contractors
• Delivered pioneering product innovations across IoT and software, including the industry’s first AI-enabled operating data platform

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