Perenti launches new tech arm

PERENTI Global has launched a new technology driven services business called idoba.
Perenti launches new tech arm Perenti launches new tech arm Perenti launches new tech arm Perenti launches new tech arm Perenti launches new tech arm

Perenti managing director Mark Norwell

The company spent about A$13 million acquiring tech start-ups Optika, Sandpit Innovation and Improvement Resources, which underpins the capabilities of idoba.

Sarah Coleman, who founded Sandpit and ImpRes, has been appointed as CEO of idoba.

The new "capital light" business will provide digital product and technology services to the mining industry.

"When looking to the future of the mining industry, it is evident that innovation and technology will play a much greater role in the way we do business and ultimately how we continue to generate value for all our stakeholders," Perenti managing director Mark Norwell said.

"With this in mind, it is with great pleasure that we launch idoba, our new technology driven service business which will enable tomorrow by allowing us to respond to our clients' evolving needs both today and into the future."

Perenti also reported June 30 liquidity of almost $570 million, including $266 million in cash and $303 million in undrawn revolving credit facilities.

Net debt was $502 million, down about 10% year-on-year.

"Our balance sheet is robust and, due to the covenant light nature of our capital structure and the significant headroom we hold under all of our covenants, we are very confident in our ability to fund our current suite of growth projects," Norwell said.

Work in hand at June 30 was $6.6 billion, with a tender pipeline of $11 billion.

Perenti will report its full-year audited financial results on August 24.

Perenti shares opened 4.4% higher at 95c, the highest since mid-May.