MaxMine has sold a quarter of its business to Viburnum Funds to drive the evolution and growth of the data management and analytic solutions provider.
MaxMine solutions have provided over two million hours of cost savings and productivity gains for mining operations around the world.
The cost of the acquisition remained undisclosed, but MaxMine chief executive officer Tom Cawley said the deal would allow for a strong long-term partnership while also advancing its solutions.
“MaxMine is currently deployed at open-pit mining operations globally, with future application targeted for underground operations as the company progresses its growth strategy, which has seen revenue growth between 70 per cent and 100 per cent annually over the first five years,” Cawley said.
“Viburnum and MaxMine have a shared goal of partnering for the long-term to accelerate digital adoption in mining.”
MaxMine’s solutions provided a 13 per cent increase in haul efficiency and 7 per cent payload increase at one hard-rock gold mine.
Another operation saw similar increases and reduced the site’s queue time by up to 50 per cent.
Viburnum managing partner Marshall Allen said the importance of this technology was growing at an incredible rate, and MaxMine had intentions to be at the forefront of the next generation of mining’s data management.
“There has been a fundamental shift in the mining industry’s interest in data and its ability to deliver insight. MaxMine is at the forefront of that shift and puts the tools right into the hands of the operators and decision makers,” he said.
“MaxMine’s demonstrated track record of successfully delivering for clients and pioneering a new category of technology product made it a very attractive investment proposition.”