Published: 08. May 2023,
Press Release
Aalborg, Denmark – May 8, 2023: Global IoT solutions provider Trackunit has attributed a near-doubling in net revenue for 2022 to DKK 991 million (USD 140m) to the resilience of its customer relationships despite a year of considerable macro upheaval. Trackunit posted a net revenue of DKK 506m in 2021.
“Despite an uncertain and often difficult macro environment, we have successfully managed to consolidate and grow the business in 2022, largely thanks to our customers who continue to trust what we do and collaborate closely as we generate value,” said Trackunit CEO Soeren Brogaard. “We value our customer relationships above all else and if we can help them to be successful, then there is a good chance that we can also enjoy success too.”
Denmark-headquartered Trackunit also saw annualized recurring revenue for the year rise to DKK 988m from DKK 824m, reflecting a compound annual growth rate of 37% over the 2018-22 period.
“Annualized recurring revenue is a key metric for us as it points towards a strong record on customer loyalty and this is a powerful indicator that our customer relationships are deepening,” said Brogaard. “Subscriptions also continue to grow with an approximate 30% rise to 1.244m on year, indicating that, together with our customers, we’re on the right track.”
Highlights in the company’s Annual Report for 2022 include:
Trackunit also capped off 2022 with the acquisition of German contech startup Flexcavo signing off on the deal on December 31. As well as boosting the overall team, it also enables the IoT provider to build on its offering to the contractor segment.
“The addition of Flexcavo will allow rentals and contractors to smooth out any hiccups relating to machine usage, efficiencies and productivity,” said Brogaard. “It also fits with the industry-wide purpose to eliminate downtime and any move that brings us closer to that goal can only make construction better.”
Other 2022 milestones included boosting the OEM presence on the Iris platform to nearly 800, increasing active monthly users to 19,000 and taking the number of countries within the global ecosystem to more than 120.
Trackunit also introduced the second-generation Spot in August 2022, adapted to 5G and offering users a raft of tools that have transformed connectivity in the non-powered equipment segment.
“Trackunit continues to thoroughly invest in creating a connected ecosystem through the extendible Iris platform as this is fundamental to establishing the mutual data flows that enable stronger insights and better learnings,” added Brogaard. “Our innovation-led approach to everything we do is based on an incredibly strong engineering resource that makes up circa 40% of the workforce.
“It complements our other talented teams to foster an environment that is designed to create great customer solutions.”
Read more from the report here.
Global IoT services provider Trackunit is the leading operating platform connecting people, equipment and processes in construction. The construction industry uses Trackunit’s software and hardware solutions to collect and analyze machine and equipment data in real-time to deliver actionable, proactive, and predictive information, empowering customers with data-driven foresight.
Trackunit delivers an integrated operating platform with applications and services enabling OEM’s, Rental Companies and Contractors to increase business efficiency by optimizing machine utilization, operator safety, digitizing workflows, and eliminating downtime. More than a vendor, Trackunit also operates as a collaborative industry partner and thought leader. The ultimate goal is to help drive the larger industry agenda to eliminate downtime, and establish a new reputation in the construction industry for digital innovation and leadership.
Visit Trackunit.com to learn more.
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