Sandvik, a Stockholm, Sweden-based engineering group providing products and solutions for mining and rock excavation, rock processing and metal cutting based on innovation, digitalization and sustainable engineering, acquired Polymathian Industrial Mathematics, a South Brisbane, Australia-based provider of mine optimization software and services.
The amount of the deal – which is expected to close during the first quarter of 2023 – was undisclosed.
The acquisition will enable Sandvik to further accelerate the development of its BEV (Battery Electric Vehicle) and AutoMine offerings, by leveraging Polymathian’s skillset and platform. Polymathian’s solutions for automated decision-making and process optimization complements the offering of Deswik, a mine planning software company which Sandvik acquired in April, 2022. Polymathian will be reported in Digital Mining Technologies, a division within business area Sandvik Mining and Rock Solutions (SMR).
Founded in 2013, Polymathian provides mine optimization software and services. Its product offering includes mining operations optimization and simulation software for areas such as extraction process, material flow, energy & fuel consumption and maintenance efficiency, and it counts several of the world’s largest mining companies as customers. Polymathian has 50 employees and its annual revenues per June 2022 were around SEK 100 million.
FinSMEs
14/11/2022