IMDEX Acquires 80.5% of Earth Science Analytics for A$26 Million

• Acquisition of 80.5% equity in Earth Science Analytics for A$26 million
• Integration of EarthNET platform with IMDEX’s existing digital tools
• Expected FY26 revenue contribution of approximately A$4 million at breakeven EBITDA
• Remaining 19.5% equity to be acquired after four years with performance-based payment
• Transaction funded through IMDEX’s existing debt facility, closing expected by August 2025

Strategic Acquisition to Enhance AI-Driven Geoscience

IMDEX Limited (ASX – IMD) has taken a significant step in its digital transformation journey by acquiring a controlling 80.5% stake in Norway-based Earth Science Analytics (ESA) for A$26 million. This move is designed to accelerate IMDEX’s capabilities in digital orebody knowledge, leveraging ESA’s advanced EarthNET platform; a cloud-native, AI-driven geoscience solution that integrates vast datasets from multiple earth systems.

Founded in 2016, ESA’s EarthNET platform has proven its value primarily in the energy sector, delivering remarkable productivity improvements such as reducing geophysical data interpretation time by over 90% and achieving rock property prediction accuracy exceeding 95%. IMDEX plans to integrate EarthNET with its existing digital offerings, including Datarock, aiSIRIS, and Mineportal, to create an open, scalable platform that serves minerals, mining, geothermal, infrastructure, and other resource markets.

Expanding Digital Footprint Across Resource Markets

The acquisition is strategically aligned with IMDEX’s ambition to enhance AI capabilities for geoscience applications across all earth systems. ESA’s seismic and multi-physics expertise complements IMDEX’s drilling and corefarm sensor technologies, improving pre-drill intelligence and orebody targeting. The open architecture of EarthNET also facilitates rapid AI product development by enabling seamless integration of IMDEX’s HUB-IQ connected sensor data and third-party datasets.

IMDEX expects the transaction to close by the end of August 2025, with full profit and loss consolidation from completion. The acquisition is forecasted to contribute around A$4 million in revenue for FY26, with a breakeven EBITDA margin. The remaining 19.5% equity stake will be acquired from ESA’s founders after four years through a put and call arrangement, with payments potentially adjusted based on performance metrics.

Financial and Market Implications

Funded through IMDEX’s existing debt facility, the acquisition will increase finance costs by less than A$1 million in FY26. While the final allocation of goodwill and intellectual property assets is pending, the deal underscores IMDEX’s commitment to digital innovation as a primary growth engine. CEO Paul House emphasized that integrating ESA’s talent and technology will significantly reduce time-to-market for orebody knowledge solutions, positioning IMDEX to capitalize on expanding demand for AI-enabled geoscience decision-making.

ESA’s CEO Dr Eirik Larsen expressed optimism about the partnership, highlighting the opportunity to deliver greater value across both energy and mining sectors. Early investors, including Aramco Ventures, have also endorsed the transaction, recognizing IMDEX as the ideal partner to advance EarthNET’s market presence.

As IMDEX integrates EarthNET into its portfolio, the company is poised to strengthen its competitive edge in the evolving landscape of resource exploration and digital geoscience.

Bottom Line?

IMDEX’s acquisition of Earth Science Analytics marks a pivotal expansion of its AI-driven digital platform, setting the stage for accelerated growth and innovation in resource exploration.

Questions in the middle?

• How effectively will IMDEX integrate EarthNET with its existing digital platforms to accelerate product development?
• What are the key performance milestones that will influence the future payment for the remaining 19.5% equity?
• How quickly can IMDEX expand EarthNET’s adoption beyond energy into the minerals and mining sectors?