Growth30 August 2019

Trak Global Group secures over £40m from Three Hills Capital Partners to fund expansion

Three Hills Capital Partners is acquiring a significant minority stake in the telematics technology group.

£40.0MGrowth

Trak Global Group is a telematics technology company that gathers and interprets data from connected devices to help organisations manage vehicle and driver risk. Operating internationally, it provides usage-based insurance solutions and connected car services.

Trak Global Group has secured over £40m in growth capital from Three Hills Capital Partners to support its international expansion and product development. The investment will accelerate the deployment of the next generation of IMS's cloud-based telematics platform alongside funding potential acquisition activity. The transaction coincides with the company marking a decade in business, during which time it has built a network connecting half a million vehicles globally.

Three Hills Capital Partners is taking a significant minority stake in the business as part of the transaction. Joe Jefferies from Three Hills Capital Partners will join the board of Trak Global Group following the deal.

From the founder

"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."

Nick Corrie

Group CEO at Trak Global Group

Investor perspective

"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. We are delighted to be Trak Global’s partners in what we expect to be a period of exceptional and transformative growth. It is another example of Three Hills’ commitment to backing ambitious founders and management teams who are looking for an alternative solution to traditional private equity structures."