WA tech company K2fly has agreed to purchase business assets associated with Wesfarmers’ Decipher for Mining software.
Decipher – developed and operated by Wesfarmers subsidiaries CSBP and Wesfarmers Chemical, Energy, and Fertilisers – offers cloud-based software-as-a-service (SaaS) monitoring and compliance solutions in tailings management and rehabilitation to the mining industry.
CSBP will become K2fly’s largest shareholder post transaction, with about a 10 per cent holding.
“We are both lean startup companies and there is virtually no duplication, and many upsides to the deal,” he said.
“We have formed a very close working relationship with the K2fly team, and we all share a passion for delivering better ESG (environmental, social and governance) monitoring and compliance outcomes to the mining industry and the communities in which they operate,” Mr Pollock said.
“This transaction will dramatically increase our pace of delivery on these aspirations.”
K2fly closed up 5.9 per cent on the ASX today, to trade at 36 cents per share.