Genesis acquires stake in TracMap

Colin Brown established TracMap in 2006.

Genesis Private Equity Ltd has acquired a 25% stake in Mosgiel-based agri-tech company TracMap.

The investment by the Ashburton-based private equity business would allow TracMap to pursue its growth aspirations in Australia and California, TracMap chief executive David Glen said.

The company was established by Colin Brown in 2006 after he identified a gap in the market for a rugged and easy-to-use GPS guidance and mapping system, specifically designed for New Zealand conditions.

He initially saw the opportunity in ground spreading and the application was pushed wider as it had been developed.

The company, which now had 29 staff, supplied precision guidance systems to the primary food production industries.

The cloud-based system allowed accurate task management and placement reporting for products, people and vehicles in-field.

TracMap was pleased with its progress in Australia and was excited to have Genesis invest, which enabled the company to invest in the structures and personnel required to build on its presence in both Australia and California, Mr Glen said in a statement.

''This new capital will allow us to leverage off our market leading position in several sectors and to transform the business,'' he said.

In addition, the Genesis team, with its mix of agriculture and technology skills, experience and networks would bring ''significant additional value'' to TracMap. It would have two directors appointed to the board.

Genesis executive director Kieran O'Hagan said the proposition appealed because of TracMap's history in developing a high quality suite of products/services which added ''real value'' to their customers' operations.

That was reflected in significant penetration into existing domestic markets, and an opportunity to pursue significant international horticultural and viticultural opportunities already ''partially unlocked''.