IMDEX closes $23m deal to acquire the rest of Krux Analytics
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The news: Mining technology business IMDEX has acquired the remaining 60% of the Canadian drilling software provider it did not already own.
The numbers: IMDEX shares had lifted in early trade but at 12:55pm AEDT, following US President Donald Trump’s Iran war speech, had fallen 2.4% to $3.82.
IMDEX initially acquired 40% of Krux Analytics for $6.5 million in April 2023. According to the mechanism agreed under the terms of that deal, IMDEX overnight closed a $23 million transaction to take its interest to 100%.
The context: The deal was funded through IMDEX’s existing debt facilities, and the transaction valuation was determined on the “contribution of SaaS revenue to overall revenue at year 3 subject to an overall cap of $75 million”, according to IMDEX’s initial April 2023 announcement.
What they said: “We’ve been privileged to work with the talented Krux team over the past three years, and I extend my gratitude to Krux founder Jody Conrad and her leadership team for their hard work in building Krux into the business it is today,” IMDEX CEO Paul House said.
Conrad said: “Today’s announcement is an important step forward in Krux’s journey with IMDEX, which began more than three years ago. IMDEX brings the global reach, mining expertise, and technology foundation needed to scale what we’ve built at Krux.”
The source: ASX
