Imdex makes move on mineral drilling SaaS leader

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Krux Analytics CEO and founder, Jody Conrad. Image: Seequent
ASX-listed company’s share price has surged this year

Australian-listed Imdex has agreed to pay A$6.42 million (US$4.5 million) for 40% of Canada’s Krux Analytics, a leader in the nascent but potentially fast-growing mineral drilling software-as-a-service (SaaS) market.

Imdex said six-year-old Krux developed “market-leading drilling analytics software, focusing on the collection and analysis of exploration and production drilling data in real time”.

Krux said last year it was aiming to release a beta version of its new KruxDAQ drill-instrumentation analytical software in the second quarter of this year, bringing a new level of real-time drill performance data analysis and predictive options to the industry.

“Krux envisions with the addition of the real-time drilling instrumentation dataset alongside geological data and imagery will provide users the ability to build predictive models for required drilling energy, optimal drilling parameters, bit type, rock hardness, geotechnical indications, and so much more,” the company said.

Founder and CEO Jody Conrad said levels of visualisation of instrumentation data common in oil and gas were coming to minerals, aided by falling costs of drill instrumentation.

The company’s existing enterprise software allows drillers to capture and review field data, optimise drilling performance and communicate with mining and exploration companies.

Imdex said Krux’s “unique” software development expertise and product could enhance its drilling data origination and analysis capabilities and accelerate delivery of its “next generation Imdex Mobile software”. It would add to its growing presence in North America.

Imdex wants to carve out a dominant share of the global real-time mineral drilling information market.

It hopes to wrap up the Krux deal in April this year.

Imdex’s share price is up more than 13% in the first couple of weeks of 2023, capitalising the company at close to A$1 billion.

 

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