Drilling services company Imdex has announced the acquisition of data management solutions firms ioGlobal, ioAnalytics and ioGlobal Solutions for $8 million in cash and shares.
Imdex said the acquisition would give it an immediate earnings boost and enhance its capabilities to include cloud-based data management solutions
Managing director Bernie Ridgeway said ioGlobal was an excellent strategic fit for Imdex.
“The company’s products complement Imdex’s existing product offering, allowing us to expand our customer base, and offer excellent growth prospects within the mining and oil and gas sectors,” Mr Ridgeway said in a statement.
“At the same time, ioGlobal will benefit from our sales and marketing expertise and access to a wider range of customers around the world.”
Imdex will pay $4.8 million cash $3.2 million in Imdex shares as consideration for the acquisition.
At 11:15Am, WST, Imdex shares were down 3.2 per cent, trading at $1.51.
