Private equity firm Vance Street Capital, on Tuesday, signed a binding sale and purchase agreement worth 505 million Canadian dollars ($378.2 million) to sell its subsidiary firm Terra Insights to Orica, a mining firm.
Vancouver-based Terra Insights is an end-to-end sensor-to-cloud data delivery platform, which provides customized engineer solutions to site-specific problems. The firm also offers geotechnical, structural, and geospatial monitoring technology which is used to measure area from high-production mine sites.
The firm said the deal is expected to close in the first half of 2024. Additionally, the firm said the acquisition will be fully funded by existing cash and committed undrawn bank debt facilities.
Vance Street said the software development firm’s growth was driven by the acceleration of new product development around connectivity and data systems, commercial expansion into new customers, geographies and monitoring technologies.
“Vance Street has been a true partner to build this exciting platform, their strategic vision, tremendous support and diligent oversight has been integral to the platform development,” said Mark Price, executive chief of Terra Insights.
“Terra is highly complementary to Orica Digital Solutions and our GroundProbe business, adding additional products and capability across the mining and civil infrastructure value chains,” said Sanjeev Gandhi, CEO of Orica.
“The acquisition allows Orica to offer a more complete geotechnical offering to customers as well as adding an established stream of recurring software revenue, this acquisition strongly aligns with our Digital Solutions strategy and growth in mining and infrastructure,” added Gandhi.
To read more articles on Energy, head to this link.
