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IMDEX enhances real-time rock knowledge offering with strategic acquisition of AusSpec

News IMDEX enhances real-time rock knowledge offering with strategic acquisition of AusSpec

07/07/2020

IMDEX enhances real-time rock knowledge offering with strategic acquisition of AusSpec

IMDEX enhances real-time rock knowledge offering with strategic acquisition of AusSpec

Leading global Mining-Tech company, Imdex Limited (IMDEX or the Company), is pleased to announce it has acquired AusSpec International Limited (AusSpec) for A$8.5m (A$3m in cash and A$5.5m in IMDEX shares).

AusSpec was founded in 2013 and is the leading provider of spectral mineralogy through its unique aiSIRIS platform – Artificial Intelligence (AI) Spectral InfraRed Interpretation System. AusSpec has a four- year consistent and profitable growth profile and generates revenue1 via a SaaS consumption model. The acquisition is immediately cashflow positive, will provide an additional recurring revenue stream for IMDEX and is expected to be earnings accretive from years 2-3. Further growth is anticipated through IMDEX’s existing global network and integration with adjacent IMDEX solutions.

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