IMDEX says it will acquire DataCloud’s MinePortal software in a circa-A$20 million ($14.8 million) cash and shares deal that will significantly enhance the company’s data visualisation and analysis capabilities and build on its real-time orebody knowledge technology.
MinePortal is a next generation cloud-connected orebody knowledge technology which interprets and models geological data to enable real-time 3D visualisation, according to IMDEX.
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, with IMDEX intending to integrate the technology with IMDEXHUB-IQ™ and enhance the real-time orebody knowledge ecosystem.
The transaction will accelerate the development of the IMDEX BLASTDOG™ geosensing tool and enhance its value for clients by linking data obtained from both IMDEX and third-party products to deliver real-time 3D visualisation models, the company said.
IMDEX Chief Executive Officer, Paul House, said the acquisition continued the evolution of IMDEX with its focus on technology to deliver real benefits for clients throughout the mining value chain.
“The purchase of MinePortal is in line with IMDEX’s strategy to move into the production end of the mining value chain and will complement our other initiatives,” 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.”
House said the integrated rock knowledge technology will allow visualisation of rock knowledge data in 3D, supporting enhanced decision making in real time.
“To build and view these high spatial density models in the cloud, in real time, and access them from anywhere in the world, is world class tech,” he said.
“MinePortal will enrich the value that current and future rock knowledge sensors provide clients; it has an existing presence within mining production that is readily scalable; and it increases our Software as a Service offering and will generate additional quality revenue.”
The acquisition is subject to conditions including a final vote of DataCloud shareholders to approve the transaction, which is expected to be finalised by the end of this month.
The cash and performance-based share deal involves an initial cash payment to DataCloud of A$8 million, which will secure the assets and intellectual property relating to MinePortal.
The share-based component of the deal will occur from 2022 to 2024, with a pre-agreed number of shares being issued in 2022 and 2023, and with a third tranche of shares paid in 2024, if revenue targets are achieved. On the current share price, the combined value of the share component of the deal is about A$12 million.
Key DataCloud personnel will join IMDEX, complementing the company’s existing presence on the west coast of California, and bring additional artificial intelligence and geoscience expertise.
