In the news release, Trackunit announces investment from Goldman Sachs Alternatives, issued Feb. 10, 2025 by Trackunit over PR Newswire, we are advised by the company that there are changes throughout the press release. The complete, corrected release follows:
Trackunit, a Global Leader in Software and IoT Connectivity Solutions for the Construction Sector, Announces Investment from Goldman Sachs Alternatives
AALBORG, Denmark, Feb. 10, 2025 /PRNewswire/ -- Today, Trackunit (the "Company"), a leading SaaS and operating data platform provider for the construction ecosystem globally, announced that Private Equity at Goldman Sachs Alternatives will acquire a majority stake in the Company from funds advised by Hg and GRO Capital. Goldman Sachs Alternatives' investment marks the next chapter in Trackunit's ambitious growth journey, supporting the Company's mission to eliminate downtime in construction and to support customer success and innovation. As part of the transaction, Hg, a leading investor in European and transatlantic software and services businesses, will reinvest in the business, reaffirming their confidence in Trackunit's continued growth and leadership in construction digitalization.
Founded in 2003 and headquartered in Denmark, 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. The Company's solutions connect construction equipment to the cloud, delivering data-driven insights that enhance operational efficiency and reduce downtime. Trackunit's software and IoT connectivity solutions uniquely support the entire construction ecosystem, serving equipment manufacturers, rental companies, contractors and ecosystem tech partners, and integrating the off-highway vehicle, connected site, and mobile workforce. Trackunit serves a global diversified customer base of more than 5,000 customers spanning the full construction value chain and has approximately 400 employees.
Goldman Sachs Alternatives previously owned a majority stake in Trackunit between 2015 and 2021, bringing unique insights and a proven partnership. During the previous ownership period, Goldman Sachs 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 (invested since 2021), Trackunit has an ideal shareholder base to continue investing in cutting-edge product development, technology, people and further expansion.
A Shared Vision for the Future
Soeren Brogaard, CEO of Trackunit, commented: "We have built a strong foundation together with Hg, advancing our offerings and working together with customers to eliminate downtime in construction. 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."
Michael Bruun, Partner and Global Co-Head of Private Equity at Goldman Sachs Alternatives, said: "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. We see significant potential in continuing to scale the business and further embedding digital solutions across the construction ecosystem."
Scott Myers and James Robinson, Managing Directors and Co-Heads of European Technology Private Equity at Goldman Sachs Alternatives, said: "Through its unique software & data capabilities and customer-focused approach, Trackunit has become a mission critical provider to the construction ecosystem. We look forward to collaborating with management and leveraging the Goldman Sachs Value Accelerator and global network to support the Company in its next stage of growth."
Nick Jordan, Partner and Soren Holt, Director at Hg, stated: "Trackunit is a prime example of how data-rich software businesses can capitalise on their structural data advantage through AI and continue to expand their customer proposition. 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."
Advisors and Closing Conditions
The selling shareholders were advised by Evercore, Skadden, Gorrissen Federspiel, CMS and Deloitte.
Goldman Sachs Alternatives was advised by Goldman Sachs International, Morgan Stanley & Co. International plc, Deloitte, White & Case, A&O Shearman, and Sullivan & Cromwell.
The transaction remains subject to customary regulatory approvals and is expected to close in early summer.
About Trackunit
Trackunit is a global technology company that connects construction through one platform to create a living, evolving ecosystem that delivers data and insights to the off-highway sector. With circa 3.5 million visible assets connected, it uses technology to eliminate downtime, improve safety, and help customers improve the bottom line in a sustainable, cost-effective way. Follow us on LinkedIn.
For further information, please visit: https://trackunit.com/
About Private Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors, and individuals. Goldman Sachs has over $3 trillion in assets under supervision globally as of December 31, 2024. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow us on LinkedIn.
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