Utah-based mining technology company Veracio has entered into a binding agreement to acquire scanning and data innovators Minalyze, which has operations in Sweden and Australia, for $29.3 million.
With the combination of Veracio’s AI and advanced analytics solutions and Minalyze’s geological data visualization technology, the company said the acquisition will transform the way the industry captures, analyzes, and interprets geological information, and usher in an era of informed decision making in a data-driven world.
“This acquisition represents an exciting new chapter for both Veracio and Minalyze,” Veracio CEO JT Clark said in the statement.
“We see this as a ‘better together’ opportunity, leveraging our collective expertise to push boundaries and create a product portfolio that goes beyond anything previously available for the mining and exploration industry.”
Minalyze co-founders Annelie Lundström and Mikael Arthursson, the will assume leadership positions within Veracio, while the entire Minalyze team will transition under the Veracio banner.
“We believe this acquisition will enable us to enhance what we’ve accomplished to date, deliver distinct value to our clients and redefine industry benchmarks collaboratively,” Lundström said.
