Montreal mining startup Newtrax has been acquired by global mining supplier Sandvik. The deal was first announced back in April, however it has only just closed. The two companies are now one. Terms of the deal were not disclosed, however Newtrax does report $26 million in revenue for 2018.
Founded in 2009, Newtrax began as a university project led by Alexandre Cervinka, Founder and CEO, with Co-Founder Vincent Kassis. In 2014, Newtrax received a major investment from Jolimont Global Mining System, an Australian private equity investor in high growth mining equipment, technology and services.
“By including Newtrax into the Sandvik family, we further strengthen our leading position in areas related to automation and digitalization,” says Henrik Ager, President of Sandvik Mining and Rock Technology.
Newtrax integrates IoT and Artificial Intelligence technologies to monitor and provide insights on underground mining operations, including people, machines and the environment. The company will operate as an independent business unit of Sandvik, will maintain an open architecture and continue to interface with other vendors in the digital mining ecosystem. Newtrax is widely seen as a leader in vehicle telemetry systems for underground hard rock mines. These are used to save lives, reduce costs and increase production through analysis of real-time data from machines, people and the environment they operate in.
The deal follows a partnership between the two companies that was announced last fall, and ended up serving as something of a trial run before talk of a more formal union began.