Colortrac Ltd was incorporated in November 1989 by the Managing Director Graham Tinn.  At the time he was a partner in a consultancy business providing services to the Oil & Gas Exploration industry.  The idea to create a company dedicated to development of  large format color scanners came from a requirement in that business to ‘track’ color markups present in large format seismic sections (http://www.geus.dk/ghexis/Gh19_2.gif) that described the rock and sediment structures of the North Sea ocean floor.

Hence the name Colortrac is a combination of the words colour and track.  Why an English person and a UK based and privately owned company chose to use the American spelling of color and drop the k from track is no longer remembered and must remain a mystery.