SYDNEY, AUSTRALIA: Imdex Limited has signed an asset purchase agreement to acquire the MinePortal software from Californian-based DataCloud International. The circa $20 million transaction includes a cash payment of $8 million and three tranches of IMDEX shares over a three-year period.
The acquisition is on strategy and accelerates IMDEX’s growth within the mining production phase. MinePortal is a new-generation native cloud application that enables geological data modelling and real-time 3D visualisation.
MinePortal has the capacity to process high volumes of data in a cloud environment, while applying geostatistical and machine learning algorithms to identify orebody trends.
Commenting on the technology acquisition, IMDEX Chief Executive Officer Paul House, said: “The ability for IMDEX and DataCloud to bring together IMDEXHUB-IQ, IMDEX BLASTDOG and MinePortal is genuinely exciting. The partnership will accelerate our product development roadmap and will benefit IMDEX, our clients and the global minerals industry.”
“MinePortal enhances our technology leadership with next generation cloud-based software that supports real-time data processing; it has an existing presence within mining production and can be applied to other phases of the mining value chain; and finally, it increases our SaaS offering and will generate additional quality revenue”.
“Acquiring MinePortal aligns with our strong culture of innovation and technology collaboration. We are looking forward to welcoming members from the DataCloud team into IMDEX.”
IMDEX Chairman, Anthony Wooles added: “MinePortal supports IMDEX’s growth strategy and provides an established foundation to build out its leading product offering.
“The structure of the transaction is prudent and importantly, does not place any pressure on the strength of the Company’s balance sheet. IMDEX’s Board is committed to a sustainable dividend policy, while continuing to invest in new technologies that meet our rigorous evaluation process.”
MinePortal is DataCloud’s connected orebody knowledge software. It processes high volumes of data in real-time, while applying geostatistical and machine learning algorithms to identify orebody trends. MinePortal contains three integrated solutions: Data Lab, Blast Intelligence and Blend Intelligence.
Imdex Limited share price
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10 Sep, 4:10 pm GMT+10 ·Disclaimer
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