Sandvik has completed its major acquisition of Australian-based mine planning software developer Deswik. The deal was announced last December.
Sandvik said Deswik was generating an EBITA margin of about 30% on circa-US$60 million annual revenue (45% recurring) “on a rolling 12-month basis” to October last year.
Despite the material nature of the acquisition, Sandvik did not put a price on the deal. It is understood to have beaten at least 10 companies to the prize.
Industry sources suggested Sandvik paid “well north” of A$500 million for the cornerstone of its new Digital Mining Technologies division.
US-based Bentley Systems paid more than 10-times Seequent’s annual revenues in forking out US$1 billion for the New Zealand mining software company. Scotland-headquartered Weir Group agreed to pay upfront more than 10-times the annual sales of Canada’s Motion Metrics.