Vancouver-based MineHub Technologies says its combination with Waybridge Technologies can speed its path to “[reaching] critical mass” and becoming the go-to mining and metals digital transaction platform.
The US$2.5 million scrip deal sees key executives of privately-owned Waybridge transferring to MineHub, which has significant users such as BHP and Sumitomo subscribed to its commodity trading platform.
Toronto-listed MineHub shares climbed nearly 19% Thursday to C44c before finishing the week at 40c, capitalising the company at about C$30 million.
It said Waybridge had more than 90 companies interacting digitally on its SaaS platform, “including leading global manufacturers, such as Southwire and Superior Essex, as well as major miners, warehouses, and shipping companies”.
“In 2022, Waybridge customers managed more than $7 billion of raw materials via the platform,” MineHub said. The combination of the two would extend MineHub’s user base to more than 100 companies.
“MineHub launched with a strong focus on connecting sales operations within mining companies to their customers for bulk commodities such as iron ore and metal concentrates,” CEO Arnoud Star Busmann said.
“Waybridge started from the manufacturing side, connecting procurement operations with their metal suppliers.
“Both companies are working with industry leaders – Waybridge more focused in North America, and MineHub in Asia.
“The combination instantly realises an end-to-end global solution for the full supply chain from mine to market.
“We have the potential to significantly reduce timelines to reach critical mass and become an industry standard, creating network value for our customers.”
Waybridge CEO and co-founder Scott Evans, who will join MineHub’s advisory board, believes the two companies “are uniquely aligned in their vision to digitise commodity supply chains and unlock the value that technology can bring to one of the world’s most critical industries”.
Waybridge co-founder Andrea Aranguren and chief product officer Kyle McCarter are among key employees expected to remain with the combined company.
