Mining technology firm IMDEX (ASX:IMD) has formalised its global expansion strategy by acquiring the remaining 60% interest in Krux Analytics, a Canadian-based drilling software provider.
The $23 million transaction, settled overnight, elevates IMDEX’s stake to full ownership following an initial 40% investment for $6.5 million in April 2023.
The final phase of the acquisition was financed through existing debt facilities, adhering to a valuation mechanism based on Krux’s software-as-a-service revenue contributions, capped at a total of $75 million.
The market response was initially positive, with shares lifting in early trade before broader geopolitical volatility took hold.
Following a high-profile address by US President Donald Trump regarding tensions with Iran, IMDEX shares retracted 2.4% to $3.82 by 12:55 pm AEDT.
Despite the intraday fluctuations, the move is seen as a pivotal consolidation of IMDEX’s digital suite.
IMDEX CEO Paul House credited Krux founder Jody Conrad and her leadership team for their role in scaling the business over a three-year partnership.
"We have been privileged to work with this talented team and are grateful for their dedication in building Krux into its current form," House stated.
Conrad echoed this sentiment, noting that IMDEX’s extensive global reach and technical foundation provide the necessary infrastructure to scale Krux's analytics capabilities across the international mining sector.
At the time of reporting, IMDEX's share price was $3.76.