Trackunit, a leading SaaS and operating data platform provider for the construction ecosystem globally, announced that Private Equity at Goldman Sachs Alternatives will buy a majority stake in the company from funds advised by Hg and GRO Capital. And Goldman Sachs Alternatives’ investment marks the next chapter in Trackunit’s ambitious growth journey, supporting the company’s mission to eliminate construction downtime and support customer success.
As part of the deal, 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.
Launched in 2003 and based in Denmark, Trackunit is at the forefront of the digital transformation of the construction sector. It offers a verticalized operating data platform that 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 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 insights and a proven partnership. And 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 product development, technology, people and further expansion.
The selling shareholders were advised by Evercore, Skadden, Gorrissen Federspiel, CMS and Deloitte. Goldman Sachs Alternatives was advised by Goldman Sachs International, Morgan Stanley, Deloitte, White & Case, A&O Shearman, and Sullivan & Cromwell. The deal remains subject to customary regulatory approvals and is expected to close in early summer.
KEY QUOTES:
“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.”
– Soeren Brogaard, CEO of Trackunit
“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.”
– Michael Bruun, Partner and Global Co-Head of Private Equity at Goldman Sachs Alternatives
“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.”
– Scott Myers and James Robinson, Managing Directors and Co-Heads of European Technology Private Equity at Goldman Sachs Alternatives
“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.”
– Nick Jordan, Partner and Soren Holt, Director at Hg
