Datarock is excited to announce that Imdex Limited (IMDEX) has entered into an agreement to acquire an initial 30% interest in Datarock Holdings Pty Ltd (The Company, comprising the recently merged Datarock Pty Ltd and Solve Geosolutions Pty Ltd businesses) for $5.5m cash.
IMDEX is a leading global Mining-Tech company that enables drilling contractors and resource companies to find, mine and define orebodies with precision and at speed. Their offering provides a broad range of drilling optimisation products, rock knowledge sensors and real-time data and analytics to the minerals industry. Recently, IMDEX has significantly expanded its cloud-based offerings through the acquisition of aiSIRUS and MinePortal businesses.
IMDEX has an exclusive option to acquire the remaining interest in the company over the next 4 years, subject to achieving agreed strategic milestones.
● IMDEX’s investment will enable Datarock to enhance its technical, operational and sales teams to maintain its competitive advantage and accelerate its growth plans, including product development and market expansion.
● Datarock’s cloud-based products complement several of IMDEX’s existing software based offerings including: ioGAS™, aiSIRIS, MinePortal and IMDEXHUB-IQ™.
● Datarock’s focus on automation and augmentation of geological and geotechnical data collection enhances IMDEX’s cloud based platform offerings to deliver answer products and real-time rock knowledge.
● IMDEX has a global sales network that Datarock will be able to leverage to meet its growth ambitions.
● Michelle Carey will be nominated to join the Datarock board; bringing considerable experience and knowledge to assist and guide our management team.
● The structure of the transaction enables IMDEX to progressively increase its interest to 100% over a 4-year period, or exit the Datarock business, should the agreed revenue milestones not be achieved.
Through the use of our cloud-based analytics platform and our renowned applied science team, Datarock has established itself as a globally respected provider of orebody knowledge products and solutions since 2016.
Datarock aims to become the leader in the analysis of imagery, point cloud data and video collected from mine sites globally. Datarock will also continue to be at the forefront of geoscientific data science and the application of machine learning to solve some of the mining industry’s most difficult challenges.
Datarock CEO, Liam Webb’s statement on the transaction:
“When we started seeking investment our primary goal was to align ourselves with a company who saw the future the same way we did and could help us achieve our goals. I feel by entering into this agreement with Imdex, who we believe are one of the world’s leading mining technology companies, we have achieved this.
“There are clear synergies between Datarock’s products and several of IMDEX’s offerings, and we feel that by working together we will add considerable value to both companies. With this investment, Datarock will now be best placed to compete in our market by leveraging IMDEX’s global sales network and their deep understanding of the mining technology business.
“Lastly, we look forward to working with Michelle Carey; her guidance will be an immense asset to the management team.”
Liam Webb – Datarock CEO