Western Australia-based software companies INX Software and K2fly have completed their integration with the business rebranded to Quartex as it gears up for global expansion.
After nine months as INX K2fly, the Accel-KKR-backed software company has launched a unified brand, positioning itself as a global player in workforce management, health and safety, governance, risk and compliance, and disclosure solutions for asset-intensive industries.
In October 2024, K2fly delisted from the Australian Securities Exchange (ASX) after global technology-focused investment firm Accel-KKR completed its $38 million acquisition via a scheme of arrangement, as reported by Mining.com.au.
Accel-KKR on 20 June 2024 signed a letter of intent to acquire K2fly from CSBP, Maptek, Tribeca Investment Partners, Regal Partners (ASX:RPL), and others.
Quartex CEO Craig Charlton says the business has been engaging with its customer base, which includes many of the world’s largest and most complex mining operations, before confirming its strategic direction.
“Our customers work in the world of high-stakes mistakes,” Charlton says.
“A missed flight, or an injury on site, a breach of permit or a worker who can’t work — those are risks that add up quickly. One small error can impact their workforce, their production, their community, or their licence to operate.
“We have taken that insight and honed our focus on helping our customers run every site right, with software that manages those risks, protects their people and minimises their impact.”
Quartex provides tools for customers to move and house their workforce, “protect people and places from harm”, and reduce risks of operation. This includes, among others, flight scheduling and accommodation, compliance checks and permitting, tailings management, disclosures or resource governance.
Charlton says the 250-worker software business is committed to keeping its base in Western Australia, home to many of its global clients.
Previously called K2fly, the firm provides enterprise-level resource governance solutions for ‘net positive impact’ in environmental, social, and governance (ESG) compliance, disclosure and technical assurance, to operations of mining and asset intensive industries through its platform-based software-as-a-service (SaaS) cloud solutions.
The acquisition combines the regulatory, compliance and disclosure tech business with workforce, safety, training and reporting business INX Software to create one of Australia’s largest providers of mission-critical software for high-risk industries.
The deal brings K2fly’s mining operations in 900 locations across 62 countries, as well as INX’s global regulatory compliance business into the Quartex portfolio.
Steinepreis Paganin acted as legal advisors for K2fly on the sale to Argyle Bidco, a company controlled by US-based Accel-KKR Capital Partners, VII, LP, via a scheme of arrangement.
Steinepreis Paganin Partner Toby Hicks guided K2fly through the transaction. Argonaut PCF and Atrico were K2fly’s financial advisors for the deal.
DLA Piper was retained as Accel-KKR’s legal advisor, while Torch Partners Corporate Finance acted as its financial advisor.
Write to Adam Orlando at Mining.com.au
Images: K2fly
