Trackunit gains new majority owner

Trackunit’s previous owner Goldman Sachs Alternatives has again invested in the telematics and data specialist and becomes the majority owner. The level of investment has not been made public.

Previous majority stakeholder Hg retains a shareholding in the business and it described the transaction as a “partial exit”.  

Trackunit’s IrisX operating data platform. (Image: Trackunit).

Goldman Sachs Alternatives previously owned Trackunit from 2015 until 2021 when Hg acquired the business.

Trackunit said the deal marked the next chapter in its growth journey.

“We are thrilled to partner once again with Trackunit’s leadership team, along with Hg, to build on their success and drive even greater impact for customers globally,” said Michael Bruun, Partner and Global Co-Head of Private Equity at Goldman Sachs Alternatives.

“We see significant potential in continuing to scale the business and further embedding digital solutions across the construction ecosystem.”

Trackunit’s software and IoT connectivity solutions are designed to support the construction sector, serving equipment manufacturers, rental companies, contractors and tech partners. The company has approximately 400 employees.

Growth ambitions 

“We have built a strong foundation together with Hg, advancing our offerings and working together with customers to eliminate downtime in construction,” said Soeren Brogaard, CEO of Trackunit. “The reinvestment from Hg, alongside the new and proven partnership with Goldman Sachs Alternatives, positions us to scale even faster.

“We remain fully committed to our purpose, and with Goldman Sachs Alternatives’ expertise and global reach, we are excited to accelerate innovation and growth for our customers and partners worldwide.”

Nick Jordan, Partner and Soren Holt, Director at Hg, added that Trackunit is a prime example of how data-rich software businesses can capitalize on their positions through the use of AI, “Our investment in this business has been about fostering this innovation and scaling a category-leading SaaS business.

“We are pleased to continue supporting Trackunit alongside Goldman Sachs Alternatives, ensuring the company has the resources and expertise to realize its long-term purpose and industry-changing ambitions.”

Holt added, “With Goldman Sachs Alternatives and Hg, Trackunit has an ideal shareholder base to continue investing in cutting-edge product development, technology, people and further expansion as part of its mission to eliminate downtime in the construction industry.”

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