Hexagon AB, a global leader in digital reality solutions, combining sensor, software and autonomous technologies, acquired Minnovare, a leading provider of drilling technology that improves the speed, cost and accuracy of underground drilling.
As surface ore deposits are exploited, mines are increasingly pushing deeper underground for minerals and metals. Minnovare specializes in eliminating the manual, labor intensive, and unproductive processes in underground mining that lead to blast-hole deviation, dilution and downtime. Its advanced hardware and data-capture software combine to deliver drill-data faster and more accurately than ever before—improving the efficiency, productivity and overall profitability of underground drilling operations. Its solutions combine sensors, software and data analytics to address deficiencies in existing drilling processes across the resource definition, development and production phases.
“The integration of Minnovare’s innovative mining solutions will be invaluable for customers striving to improve the speed, cost and accuracy of underground drilling,” said Hexagon’s Mining division Chief Technology Officer, Rob Daw. “Today’s acquisition accelerates and enhances Hexagon’s underground development roadmap as well as strengthening our formidable drill and blast portfolio.”
“We are excited for Minnovare to join the Hexagon group and embark on the next leg of the company’s growth,” said Minnovare Managing Director, Callum McCracken. “Being part of Hexagon will provide Minnovare with established global channels and an engaged customer base, which will enable us to deliver our industry-leading technology and downstream benefits to mining companies across the world.”
The transaction sees private equity investors Viburnum Funds and RCF Jolimont realize a successful exit of their investment in Minnovare, following a multi-year period of supporting the growth of the business in conjunction with its founders.
Founded in Perth, Western Australia in 2012, Minnovare has established a proven track record, with more than 150 contracted systems in over 90 mining operations worldwide, sold as a recurring revenue package. Minnovare will operate as part of Hexagon’s Mining division.
Hexagon is a global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications.
Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future.
Hexagon’s Mining division solves surface and underground mine challenges with proven technologies for planning, operations and safety.
About Viburnum Funds
Viburnum Funds is a specialist private equity investor that focuses on investing in industrial companies in the Asia Pacific region, with a particular focus on Mining Equipment, Technology and Services companies that drive productivity gains for mining customers. Viburnum’s portfolio companies provide technology, consumables, equipment and services to the mining industry. Viburnum was established in 2007, and has offices in Perth, Singapore and Melbourne. Viburnum is now investing its V4 fund, having invested in Minnovare in 2016 from its V3 fund.
About RCF Jolimont
RCF Jolimont invests in high growth mining equipment, technology and services (METS) companies, assisting these companies to be globally successful. The METS sector presents outstanding investment opportunities, with sustainable growth in an environment of volatile commodity prices and historically high operating costs. Mining companies rely increasingly on METS companies to provide incremental as well as step-change solutions to improve productivity and lower costs. RCF Jolimont is part of Resource Capital Funds, a leading Private Equity group established in 1998 with a mining sector specific investment mandate spanning all mineral commodities and geographic regions. Since inception, RCF has supported 200 mining companies, with projects located in 51 countries and across 32 commodities.