Hexagon drills into Minnovare

Hexagon has acquired Minnovare, a leading provider of drilling technology that improves the speed, cost and accuracy of underground drilling.

Minnovare specialises in eliminating the manual, labour-intensive, and unproductive processes in underground mining that lead to blast-hole deviation, dilution and downtime.

Its solutions combine sensors, software and data analytics to address deficiencies in existing drilling processes across the resource definition, development and production phases.

“The integration of Minnovare’s innovative mining solutions with our strong, core technical competence is a strategic fit,” Hexagon president and chief executive officer Ola Rollén said.

“It will prove invaluable for customers striving to improve the speed, cost and accuracy of underground drilling.

“Today’s acquisition strengthens our formidable drill and blast portfolio, and accelerates our underground development roadmap.”

The transaction sees private equity investors Viburnum Funds and RCF Jolimont realise a successful exit of their investment in Minnovare, following a multi-year period of supporting the growth of the business in conjunction with its founders.

“We are excited for Minnovare to join the Hexagon group and embark on the next leg of the company’s growth,” Minnovare managing director Callum McCracken said.

“Being part of Hexagon will provide Minnovare with established global channels and an engaged customer base, which will enable us to deliver our industry-leading technology and downstream benefits to mining companies across the world.”

Hexagon is a global leader in digital reality solutions, combining sensor, software and autonomous technologies, putting data to work to boost efficiency, productivity, and quality across industrial, manufacturing, infrastructure, safety, and mobility applications.

Minnovare was founded in Perth in 2012 and has since established a proven track record, with more than 150 contracted systems in over 90 mining operations worldwide, sold as a recurring revenue package.

Minnovare will operate as part of Hexagon’s mining division.

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