Movac invests $5 million to fund TracPlus expansion and acquisition

TracPlus Press Release | May 6, 2020

Estimated reading time 4 minutes, 13 seconds.

TracPlus has successfully closed a significant funding round with New Zealand’s most experienced technology investment firm, Movac, investing $5 million.

TracPlus offers real-time tracking, communication and integrated solutions for those in the critical services sectors, including first responders, firefighting, utilities, military and aviation sectors. Founded in 2007 and based in Dunedin, TracPlus’ global client base includes the likes of CalFire, San Diego Gas & Electric, National Aerial Firefighting Centre (NAFC Australia), Ministry of Agriculture (CONAF, Chile) Erikson, and Christchurch Helicopters.

“We’re delighted to be investing in a kiwi tech company that helps their clients take care of their people and assets. Earlier in the year, I was fortunate to spend some time in the U.S. with some TracPlus customers, and it was compelling to see their faith and reliance on the TracPlus and its products in their daily activities. Over the years TracPlus has built a team, products and client base that they can be very proud of. It’s also worth acknowledging the support and commitment of the company’s early-stage investors to get the business this far, and I’m excited as to what the future looks like for TracPlus,” said Movac partner Mark Vivian.

“TracPlus has built a world-class reputation, and we’re really proud of the exceptional customer base that we’ve built over the past decade. We’re very focused on what we want to do with our business and sought an investor who understood that. We had a number of funding options, and we chose Movac due to their investment style and ‘hands-on’ experience in growing successful tech companies. It was also really important to us that there was a strong personality fit between the two teams. We have big future plans, and we’re thrilled to have Movac’s investment and support for the next stage of our journey,” added TracPlus CEO Trevor McIntyre. “We are also very excited for Mr. Vivian to join the TracPlus board.”

The new investment round will enable TracPlus to grow technical and sales capability and further capitalize on its position as the disruptive global leader.

As part of the transaction, TracPlus will acquire Cambridge-based technology business v2track Limited. v2track Limited provides TracPlus not only with tracking devices and a rich pipeline, it additionally furthers the footprint globally with a strong distributor network with market presence in Africa and Europe.

“The acquisition of v2track Limited is aligned with our goal to be the market leader in tracking and communication globally,” said McIntyre.

v2 Track founders, Kylan and Bevan Diprose said they’re also pleased to be joining forces with TracPlus.

“The v2track team is excited to be starting this new chapter with TracPlus. Over the years we have seen our mutual vision for aviation safety, communication, and technology become more and more aligned. We believe that by joining forces, we will have more impact together as we bring together our complementary strengths,” said Kylan Diprose.

“We are looking forward to bringing what people love about v2track to a wider audience. Both new and existing customers will benefit from the greater range of products, services and resources available through the combined entity,” said Bevan Diprose.

“TracPlus is yet another example of a kiwi tech company who’s built a strong international name, and wants to accelerate its growth. The years ahead for TracPlus are exciting, and we look forward to playing our part. At Movac, we continue to work with Kiwi entrepreneurs who have the ability and aspiration to build great technology companies, using our capital, expertise and networks. As I’ve said publicly in recent weeks, there’s plenty of uncertainty in markets currently, but we are a long term investor and continue to work with Kiwi companies who are looking for an investment partner with strategic experience, operational ability, meaningful capital and access to global networks,” commented McIntyre.

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