About EquipmentShare
EquipmentShare was founded in 2014 by Jabbok Schlacks and Willy Schlacks, brothers who identified an opportunity to combine two things that had historically operated as largely separate businesses in the construction industry: heavy equipment rental, the business of renting out bulldozers, excavators, and other construction machinery to contractors who don't want to purchase and maintain that equipment themselves, and telematics technology, meaning sensors and software that track a piece of equipment's location, usage hours, fuel consumption, and maintenance needs in real time, capabilities that had traditionally been offered, if at all, as an expensive add-on rather than a core part of the equipment rental experience.
EquipmentShare's business combines a substantial and growing owned fleet of rental construction equipment with its proprietary telematics platform, called T3, which gives contractors renting equipment real-time visibility into where their rented (and owned) equipment is located, how it's being used, and when maintenance is needed, addressing common and costly construction industry pain points such as equipment sitting idle without anyone realizing it, equipment theft, and unexpected breakdowns from deferred maintenance. The company has marketed its telematics technology not only as a value-added feature for equipment it rents directly, but also as standalone software that construction companies can use to track their own owned equipment fleets and, in some cases, competitors' rental equipment as well, positioning EquipmentShare as both an equipment rental company and a broader construction technology software provider. This combined hardware rental and software model has let EquipmentShare differentiate itself from more traditional equipment rental companies that compete primarily on equipment availability and price without offering comparable real-time fleet visibility and analytics technology. The company has expanded its rental branch network significantly across the United States and has raised very substantial venture funding from investors including Tiger Global, Insight Partners, and Union Square Ventures, reaching a valuation exceeding $5 billion, competing with large established equipment rental companies such as United Rentals and Sunbelt Rentals.
