Boart Longyear buys scanning instrument business

Drilling equipment and services company Boart Longyear’s Veracio subsidiary is to buy scanning instrument manufacturer Minalyze boosting its instrumentation and software offerings.

The company will buy the manufacturer of products which visualise geological data for US$29.3 million, made up of cash and promissory notes which will be convertible into shares.

The company’s patented scanner and cloud based software digitises large volumes of drilling samples, generating high resolution data.

The scanner is sold to customers in Europe, Australia, Africa and North America.

The purchase aims to build on synergies between and Minalyze and Veracio’s existing technological capabilities, according to an announcement.

Veracio’s CEO JT Clark said: “This strategic transaction creates immense possibilities for Veracio and Minalyze.

“Combined expertise will be used to push boundaries that can produce a product portfolio going beyond anything previously available.”

Minalyze founders Annelie Lundstrom and Mikael Arthursson are expected to join Veracio’s leadership team on completion of the sale.

Lundstron said: “Together we believe this combination will enable us to radically accelerate what we have both achieved to date.

“The combination should also provide unique value to our customers while pushing the industry forward in ways not seen before.”

Picture: Boart Longyear