15 November 2016
TracMap, the Dunedin-based agri-technology company providing job management, guidance and tracking systems for agriculture, horticulture and viticulture sectors, has secured a new corner-stone investor and funding to enable it to pursue its growth aspirations in Australia and California.
Genesis Private Equity Limited (GPE), a private equity business based in Ashburton, is taking a 25% stake in the business, and will have two directors appointed to the board.
“We are pleased with our progress in Australia, and are excited to have Genesis on-board which enables us to invest in the structures and personnel required to build upon our presence in both Australia and California. This new capital will allow us to leverage off our market leading position in several sectors and to transform the business.” TracMap’s chief executive David Glen says.
“In addition to their investment, the Genesis team, with its mix of agriculture and technology skills, experience, and networks, will bring significant additional value to TracMap.”
“TracMap is well placed to prosper as the trend to precision agriculture develops in Australia and California. We have the technology and the cloud-based management and reporting tools to provide a unique service and a strong value proposition to management on large horticulture and viticulture operations in Australia and California.”
GPE’s Executive Director Kieran O’Hagan says “the TracMap proposition appealed because of TracMap’s history in developing a high-quality suite of products/services which add real value to their customers’ operations. This is reflected in significant penetration into existing domestic markets, with an opportunity to pursue significant international horticultural and viticultural opportunities already partially unlocked. GPE Directors’ international experience and networks will add real value to TracMap’s board and we’re looking forward to partnering with TracMap in their global growth aspirations.”