Sumitomo invests in Perenti tech business

The transaction further strengthens Sumitomo’s commitment to the idoba business, following the Memorandum of Understanding announced in February 2022.

idoba is the culmination of Perenti’s strategic technological growth which, in addition to supporting the business, provides digital product and technology offerings to mining industry clients with revenue and earnings generated from these services.

The investment is expected to bring substantial benefits to the idoba business, primarily through the ability to harness Sumitomo’s expertise and extensive global network.

The Fortune 500 business brings a unique set of opportunities to idoba, comprising more than 893 group companies across 66 countries and multiple industries to which idoba’s products and services have relevance.

A key focus of the shareholder agreements between the parties is a commitment from Sumitomo to provide idoba access to this network and opportunity set. This is expected to help idoba substantially accelerate its business plan, strengthen access to technology partners and gain access to a broader global customer base.

Perenti managing director Mark Norwell said that the strategic investment by a world class counterparty was recognition of the embedded value of idoba, and the substantial growth opportunity that the business represented.

Idoba president Sarah Coleman said since the execution of the MoU earlier this year, idoba and Sumitomo had worked collaboratively on several projects, affirming their shared aspiration and numerous complementary capabilities and strengths.

“The execution of this agreement will enable a greater level of co-creation and commitment to accelerate the joint development and market reach of our technology informed services for the resources sector and adjacent industries,” she said.

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The group was founded in Kalgoorlie, WA, in 1987 and is today one of the world’s largest companies providing surface and underground mining at scale.