Establishing the basics to scale

‍The first step to unlocking value was a focused effort on increasing the bandwidth and competences of the leadership team. CEO Jørgen Raguse led a very ambitious upgrading of the leadership team, and was instrumental in unifying the team around a clear software product vision, by utilizing data to improve productivity and cost. In that process the hardware production was outsourced, and the company headquarters was moved to attract more talent.

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Winning in the US and Europe

‍As the US market within digital services for the construction industry is largest in the world, it was immediately decided, in the new ownership period, that Trackunit should not operate through an exclusive distributor in the US. The distribution agreement was terminated, and a direct US presence was established. This presence now counts close to 30FTEs with significant commercial activities, including contracts with the biggest rental companies in the off highway construction industry. The market position in Europe was also further solidified through two acquisitions – one in Germany and one in the UK.

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Setting an ambitious product vision – eliminating downtime‍

With the new leadership team in place, a very substantial scaling of sales and marketing and R&D was undertaken, to capture the market opportunity and to allow for a very ambitious product roadmap. The product strategy and vision resulted in a series of innovative software, offering the customer tangible productivity gains such as reduced downtime and proactive machine handling and maintenance. The overall vision was to eliminate downtime, and create significant economic benefit for the customers.

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Recurring revenue focus and strategic OEM collaborations

‍A clear focus from the outset has been to grow the recurring revenue, which has involved all the important enablers across the company, such as segmentation, pricing and packaging, channel strategy, sales processes, -metrics and -incentives. The ambitious product roadmap has positioned Trackunit as an industry thought leader, enabling collaborations with world-renowned OEMs, factory-installing services offering its customer’s tangible productivity gains such as reduced downtime, fuel-saving advice and proactive machine handling and maintenance.

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Trackunit has shown strong, consistent, year-on-year revenue growth during our ownership, corresponding to an approximate tripling of revenue since our entry – with a substantial increase in recurring revenue. Going forward, GRO is focused on all the areas where we can further amplify the strong global momentum, and support the quality in the scaling.

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