GPE is pleased to announce its investment in the innovative agri-tech company, TracMap Holdings Ltd.
A special purpose entity established by Genesis Private Equity (GPE TMH Limited Partnership) will hold a 25% stake in Dunedin based TracMap alongside existing shareholders.
John Rolleston and Garry Haskett will join the TracMap board as GPE appointees.
TracMap began in 2005 using GPS technology to provide farmer/contractor clients with proof of placement for fertiliser/sprays in the agricultural industry as well as a comprehensive job management solution which provides wide functionality for farmers, contractors and growers.
It has since expanded its product application to both large and smaller-scale horticulture and viticulture operations in NZ, Australia and the United States, not just for measuring and recording applications, but for harvesting, remote tasking and messaging.
TracMap provides users with productivity and efficiency gains operating in a variety of markets, including farmers and contractors working on New Zealand pastoral farms, through to large international companies growing grapes, nuts, fruits and vegetables throughout the world.
TracMap’s on-line services, for recording and advising various farm applications on site specific maps, is growing month-on-month, as users seek to ensure improved communication and maintain a record of what work has been done on their pastures.
The technology is also installed in many fixed wing aircraft and helicopters for spraying, job dispatching and other applications in NZ, Australia, United States and most recently South Africa.
Comments from TracMap and GPE
Kieran O’Hagan, Executive Director of Genesis Private Equity Limited, is enthusiastic about TracMap’s potential.
“The application of world-class technology to improve the efficiency and the sustainability of crop production, in both large and smaller scale agriculture, is experiencing massive growth worldwide.”
“This is one area where New Zealand has some significant advantages over many other hi-technology hubs – given our own pastoral background and our kiwi ingenuity combined with great technical ability”.
“In this sector, distance is not a disadvantage, and TracMap are able to service a global market from its Otago base.”
As a significant investor, GPE are excited about TracMap’s growth and achievements so far, however even more impressive is the potential that this foundation has created.”
“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.”
“This in turn will assist ‘NZ Inc’ by growing export revenues.”
TracMap’s CEO David Glen is also excited about the transaction:
“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.”