Sandvik snaps up Polymathian
Tuesday, November 15th, 2022
The Australian shopping spree continues, with Swedish engineering group Sandvik moving in for Polymathian Industrial Mathematics, a Queensland-based provider of advanced mine optimisation software and services.
Polymathian will be part of the company’s Digital Mining Technologies, a division within business area Sandvik Mining and Rock Solutions (SMR).
Polymathian’s solutions for automated decision-making and process optimisation complements the offering of Deswik, the world‘s leading mine planning software company which Sandvik acquired in Apri. Polymathian’s product offering includes mining operations optimization and simulation software for areas such as extraction process, material flow, energy and fuel consumption and maintenance efficiency, and it counts several of the world’s largest mining companies as customers.
Sandvik chief executive Stefan Widing said the company continues to broaden its offering to enhance productivity in its mining customers’ value chain.
“Polymathian will remain OEM (Original Equipment Manufacturer) agnostic. The acquisition will enable Sandvik to further accelerate the development of its end-to-end optimisation, BEV (Battery Electric Vehicle) and AutoMine offerings, by leveraging Polymathian’s unique skillset and platform,” he said.
Polymathian was founded in 2013, has 50 employees and is headquartered in Brisbane. The company’s annual revenues per June 2022 were around SEK 100 million.
The EBITA margin is approximately 40 per cent and impact on Sandvik’s earnings per share (excluding PPA) will be accretive.