Orica has partnered with Vance Street Capital LLC to acquire 100% of Terra Insights, a Canadian company that offers innovative sensors and data delivery technology for geotechnical, structural, and geospatial monitoring in mining and infrastructure, for CAD$505m.
The acquisition is anticipated to be completed in the first half of 2024, subject to regulatory approvals and other customary closing conditions.
“Terra is highly complementary to Orica Digital Solutions and our GroundProbe business, adding additional products and capability across the mining and civil infrastructure value chains. The acquisition allows Orica to offer a more complete geotechnical offering to customers as well as adding an established stream of recurring software revenue,” Orica Managing Director and CEO Sanjeev Gandhi said.
“This acquisition strongly aligns with our Digital Solutions strategy and growth in mining and infrastructure. We are excited about the medium to long term opportunities this will create for Orica,” Gandhi added.
Terra CEO Mark Price commented, “We are excited to partner with Orica for Terra Insight’s next chapter of growth. Given our strong working relationship with Orica for nearly a decade, this combination is a great next step to in the evolution of our end-to-end sensor and data delivery platform through working closely with Orica’s Digital Solutions and GroundProbe businesses. This is a level of collaboration that is global-minded and future-focused. Importantly, this transaction meaningfully enhances the solutions we can collectively provide to our valued customers, and expand geographically across the mining and civil infrastructure markets.”
