Imdex Limited announced it has signed an asset purchase agreement to acquire the MinePortal software from Californian-based DataCloud International Inc. (DataCloud). The circa $20 million transaction includes a cash payment of $8 million and three tranches of IMDEX shares over a three-year period. The acquisition is on strategy and accelerates IMDEX's growth within the mining production phase. MinePortal is a new-generation native cloud application that enables geological data modelling and real-time 3D visualisation. MinePortal has the capacity to process high volumes of data in a cloud environment, while applying geostatistical and machine learning algorithms to identify orebody trends. MinePortal will enhance the value of IMDEX BLASTDOGTM for clients by translating sensor data into 3D visualisation models. MinePortal will integrate with IMDEXHUB-IQTM to deliver a connected real-time orebody knowledge
ecosystem and accelerate IMDEX's product development roadmap. In addition to processing IMDEX BLASTDOGTM data, MinePortal currently has the capability to ingest and process measure while drilling (MWD) data and other IMDEX sensor data. MinePortal will immediately deliver additional SaaS revenue for IMDEX by generating unique answer products derived from IMDEX sensor data and third-party sensing systems. A $2 million net outflow is anticipated during financial year 2022 and the acquisition is expected to be EPS accretive by financial year 2024. Key personnel will transition to IMDEX complementing the Company's existing presence in California, USA 2 and bringing additional AI and geoscience expertise.