Global mining-tech company Imdex (ASX:IMD) is “always on the lookout” for potential M&A deals as part of its longstanding growth strategy, aptly called ABC – acquisitions, build, and collaboration.
Speaking to Mining.com.au on the sidelines on day two of the Diggers & Dealers Mining Forum in Kalgoorlie, Head of Product Mark Gabbitus says the $1.10 billion market capitalisation company has an internal M&A team actively assessing prospective targets.
“We’re always on the lookout – that’s the company we are. IMDEX was formed from Reflex and AMC coming together,” Gabbitus tells this news service.
One recent deal includes that of sensor technology experts Devico. Revenue for the 2023 financial year was $411.4 million — an increase of 20.3% on the previous year — which included four months of Devico revenue.
As well as the Devico acquisition, IMDEX also took a 40% investment in drilling analytics software company Krux Analytics and increased its stake in geoscience image analysis company Datarock.
In 2021, IMDEX boosted its rock knowledge capabilities when it acquired an initial 30% in image analysis company Datarock for $5.5 million. Datarock has geoscience and data science expertise that has led to the development of a cloud-based platform, which applies artificial intelligence and machine learning to automate the extraction of geological and geotechnical information from core imagery, videos, and point clouds.
A year prior, the company acquired provider of spectral mineralogy AusSpec International for $8.5 million.
IMDEX’s build strategy focuses heavily on R&D with centres in Perth and California, where it invests in gyro technology.
“Then we have a collaboration policy. There are certain things that we’re just never going to build or we’re never going to buy, but they mean something to our customers. How can we collaborate? How can we form partnerships?” Gabbitus adds.
Reflex technologies enable drilling contractors and resource companies to drill faster and smarter, obtain accurate subsurface data and receive real-time information for critical decision making.
AMC offers end-to-end solutions for the mining value chain. Together with Reflex, both enable clients to drill faster and smarter, obtain accurate subsurface data and receive critical information in real-time.
Gabbitus says the aforementioned growth strategy is well defined regarding where IMDEX is “going to play and how we’re going to play in the market”.
“And not just play, but win. We are in this game to win … and for our customers to be winning as well,” he tells Mining.com.au.
Since incorporation in 1980, Imdex has been innovating and developing technology, with more than 600 years of collective geoscience expertise across the global mining-technology industry.
Imdex has an integrated range of drilling-optimisation products, cloud-connected, rock-knowledge sensors, directional core drilling, and data and analytics which improves the process of identifying and extracting mineral resources.
Write to Adam Orlando at Mining.com.au
Images: IMDEX
