GoldSpot Discoveries, a leading technology services company, announces the acquisition of Geotic, a provider of software for the mining industry, including applications for geological and geophysical modeling, based in Val-d’Or, Quebec. The objective of this acquisition is to advance the company’s Software as a Solution (SaaS) offering with Geotic’s suite of geoscientific software. The Quebec-based company’s team of experts should join GoldSpot in order to deepen the brand’s expertise.
An acquisition to strengthen GoldSpot Discoveries’ SaaS software offering
GoldSpot Discoveries is a mining exploration technology services company that offers customized solutions to improve the mineral discovery process. Founded in 2002, Geotic operates a portfolio of five state-of-the-art tools (GeoticMine, GeoticLog, GeoticGraph, GeoticCAD and GeoticField) as well as an adapted camera support. The company’s objective is to offer an efficient integrated solution to hundreds of small mining explorers and large producers worldwide.
On August 15th, GoldSpot Discoveries concluded an agreement to acquire Geotic. Vincent Dubé-Bourgeois, CEO and board member of GoldSpot commented on the arrival:
“This acquisition reinforces our commitment to acquiring SaaS software and building reliable and recurring revenue streams. Geotic has generated incredible momentum over the past few years and we are excited to add their software suite to GoldSpot’s solution portfolio. This acquisition will significantly increase our annual recurring revenue and annual revenue as we expand these products to our growing customer base and the global mining community.”
Geotic’s proposed geoscience technology solutions to enhance GoldSpot’s portfolio
Geotic’s software suite includes:
- GeoticLog, a customizable drill core description platform
- GeoticMine, a 3D geological modeling and visualization solution
- GeoticGraph, a drill hole visualizer
- GeoticCAD, an affordable alternative to the industry’s current tools with an integrated drawing engine
- GeoticField, its data entry platform from tablets in the field
Geotic also offers a device that allows for standardized drill core photographs to then be used in GeoticLog to be linearized. Geotic’s team will integrate GoldSpot’s team and will bring all their skills in geology, artificial intelligence, machine learning, user experience, data visualization and cloud technology.
GoldSpot will integrate GeoticLog and LithoLens, its proprietary core imaging technology, to create an AI-based imaging and core logging platform, enabling clients to obtain more in-depth and actionable analysis.
Under the terms of the acquisition agreement, the sellers will receive C
1.04 (or 70 cents per share).
Translated from GoldSpot Discoveries acquiert le canadien Geotic afin d’améliorer son offre de logiciels SaaS géoscientifiques
