Sandvik to buy Jolimont Global-backed Newtrax Technologies
Swedish engineering company Sandvik has agreed to acquire Newtrax Technologies Inc, a Montréal-based provider of internet-of-things and analytics technology for monitoring underground operations. Terms weren't released. Founded in 2008, Newtrax is led by Alexandre Cervinka. The company will be run as an independent unit in Sandvik's mining and rock technology group. Sandik said the acquisition will create a stream-lined digital solution to improve safety and efficiency in underground mining. Newtrax has been backed since 2014 by Jolimont Global Mining Systems, an Australian private equity fund backed by Jolimont Capital and Resource Capital Funds.
17 April 2019•2 mins read
