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Perenti's tech arm makes acquisitions, teams up with Sumitomo

Two acquisitions and Sumitomo MoU announced

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The company has signed a memorandum of understanding with Japanese giant Sumitomo Corporation for the co-creation and joint development of digital mining products for the advancement of sustainable mining practices.

Sumitomo will leverage its global mining industry network to bring a unique user perspective that will complement Perenti and idoba's mining services and technology expertise.

Sumitomo and idoba will collaborate and jointly develop two initial digital mining services, in areas including mining process optimisation and carbon footprint management.

"Our agreement with Sumitomo is a vote of confidence in idoba's industry-leading capability," Perenti managing director and CEO Mark Norwell said.

"The combination of Sumitomo, idoba and our contract mining expertise will support our business evolving to meet the needs of the ever-changing mining industry and global expectations."

idoba has also acquired specialist resources consultancy Orelogy and data science group Atomorphis.

Perenti said consideration was modest and not material.

Norwell described the two businesses as agile and innovative.

"The expertise of Orelogy and Atomorphis will add value to our contract mining business and as part of idoba will continue building out the required capability in support of our strategy," he said.

"In idoba we are building an innovation-based business with a focus on helping clients achieve operational excellence and world's-best environmental performance through product and service development."

Last year, Perenti spent about A$13 million acquiring tech start-ups Optika, Sandpit Innovation and Improvement Resources, ahead of the launch of idoba.

Sarah Coleman, who founded Sandpit and ImpRes, is the CEO of idoba.

"The mining industry recognises the value that advanced digital technologies bring to operational performance, asset efficiency and sustainable business," she said.

"These acquisitions, and the MoU with Sumitomo, will help us expand our suite of technology driven products and services to meet the mining industry's demand for sustainability, by integrating our digital and deep mining domain expertise with a human-centred approach."

Perenti shares were trading 1.2% higher at 79c. The stock started the year at 94c.

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