Hexagon Strengthens its Life-of-mine Solutions Portfolio with the Acquisition of Minnovare
As announced earlier today, 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, labour 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.