Imdex Limited (IMD) is pleased to announce the acquisition of ioGlobal Pty Ltd, ioAnalytics Pty Ltd and ioGlobal Solutions Inc (together ioGlobal). ioGlobal provides innovative cloud-based data management solutions for the mining, mineral exploration and oil and gas industries. The $8 million acquisition will provide a range of significant growth opportunities. It will enhance Imdex’s product offering to drilling contractors, mining service providers and companies exploring and operating in the mineral and oil and gas industries. The consideration for the acquisition will be satisfied by payment of $4.8 million in cash and $3.2 million in Imdex shares at an issue price equal to the volume-weighted average price of Imdex’s shares for the 10 days prior to settlement.
Commenting on the strategic rationale underlying the acquisition, Imdex’s Managing Director, Bernie Ridgeway said, “ioGlobal is an excellent strategic fit for Imdex. The company’s products complement Imdex’s existing product offering, allowing us to expand our customer base, and offer excellent growth prospects within the mining and oil and gas sectors. At the same time, ioGlobal will benefit from our sales and marketing expertise and access to a wider range of customers around the world.” Mr. Ridgeway added that the bolt-on acquisition would extend and complement the growth cycle of Imdex’s Reflex downhole instrumentation by enhancing its value proposition. “Our Reflex business enables customers to obtain positional data in an accurate, efficient and user-friendly way. ioGlobal’s technology, in time, will enhance this value proposition by providing positional data together with geophysical and geochemical information in a timely and user-friendly format – directly from the rig to the office. “The combination of the two businesses and the potential growth synergies are very exciting.
ioGlobal is a Western Australian based company with its head office in Perth, and another two offices in Melbourne and Vancouver. The company provides innovative software-as-a-service data management solutions to major / intermediate and junior resource and service companies. oGlobal’s innovative technology brings the drill-site to the office. Its principal product, ioHUB, is a full-service solution for the management of drillhole, assaying and associated data during exploration and mining. Imdex is a leading provider of innovative drilling fluid products and advanced downhole instrumentation to exploration, development and production companies within the minerals and oil and gas sectors worldwide. The company’s strength is derived from its global operations, superior customer service and leading technologies. The company supports a diverse range of customers at all stages of the mining cycle, from junior explorers to major producers across a wide range of commodities.