UK telematics specialist Trak secures £40m growth capital from Three Hills
UK telematics firm Trak Global Group (TGG) has secured growth capital investment of over £40 million from Three Hills Capital Partners to accelerate the development of its data-driven technology solutions for the insurance and shared mobility markets.
Three Hills Capital Partners has acquired a significant minority stake in the business.
The investment will be used to accelerate the development of new products and services for the group's clients across insurance, mobility, automotive equipment manufacturers and governments.
TGG has partnerships with insurers including RSA, Volkswagen Financial Services, Nationwide Insurance (USA), Allianz, Europcar and Zipcar in the UK, Europe and North America.
TGG Group CEO Nick Corrie said the partnership creates a capital structure that will “enable us to more rapidly execute our ambitious growth plans, both organic and by acquisition, to become the global leader providing connected, data-driven technology solutions for the insurance and shared mobility markets.”
Joe Jefferies, UK coverage at Three Hills, who will join TGG’s board, said: “Trak Global is our first investment in the IoT and telematics space, and during our detailed diligence into the sector it quickly became clear that TGG was the stand-out performer. The combination of management team strength and vision, as well as the company’s relentless focus on forming true partnerships with their customers, made for a compelling investment case.”
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