Trackunit, a global leader in software and contech solutions for the construction industry, has today announced it has attracted investment from Goldman Sachs Alternatives.
The investment will mark the next chapter in Trackunit’s ambitious growth journey and will see current majority stakeholder Hg, a leading investor in European and transatlantic software and service businesses, continue to reinvest in the construction technology company’s future.
Goldman Sachs Alternatives previously owned Trackunit from 2015 until 2021 when Hg acquired the business.
“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 is at the forefront of the digital transformation of the construction sector, offering a verticalized operating data platform, which generates valuable data-driven insights via an industry leading data lake.
“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.”
Trackunit’s software and IoT connectivity solutions uniquely support the entire construction ecosystem, serving equipment manufacturers, rental companies, contractors and ecosystem tech partners, integrating the off-highway vehicle, connected site, and mobile workforce. Trackunit serves a global diversified customer base spanning the full construction value chain and has approximately 400 employees.
“Trackunit is a prime example of how data-rich software businesses can capitalize on their structural data advantage through AI and continue to expand their customer proposition,” Nick Jordan, Partner and Soren Holt, Director at Hg, said. “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.”
During Goldman Sachs Alternatives previous ownership period, it leveraged its global network and differentiated value creation capabilities to support meaningful expansion of the company’s product capabilities and operations.
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.
The transaction is expected to close in early Summer.
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