Sumitomo buys 10% of idoba

Japan’s Sumitomo Corporation will acquire 10% of Perenti Global mining technology business, idoba, for A$5.4 million in a deal said to value the latter at A$54m (US$37m).

idoba, combining five technology and services firms acquired by Perenti, delivered FY22 revenue of A$16.2m and a small EBITA loss.

Sumitomo, a Y2.4 trillion (US$17.5 billion) Japanese trading and industrial conglomerate, signed a memorandum of understanding with idoba in February this year for the “co-creation and joint development of digital mining products for the advancement of sustainable mining practices”.

Perenti said Sumitomo’s equity purchase came with a “commitment” to provide idoba with access to the group’s network of 893 group companies in 66 countries which was “expected to help idoba substantially accelerate its business plan, strengthen access to technology partners and gain access to a broader global customer base”.

“To facilitate unlocking these substantial commercial synergies, there will be a dedicated Sumitomo full-time secondee embedded within idoba,” Perenti said.

idoba president Sarah Coleman said following execution of MOU with Sumitomo the companies had worked collaboratively on several projects.

“The execution of this agreement will enable a greater level of co-creation and commitment to accelerate the joint development and market reach of our technology informed services for the resources sector and adjacent industries,” she said.

 

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