IMDEX

What IMDEX does

IMDEX Limited (ASX:IMD) is an Australian mining-technology company that develops and sells an integrated hardware, cloud-analytics, and machine-learning platform used by major mining operators to find, define, and extract mineral deposits with greater precision. Its portfolio spans three product families: Drilling Optimisation (DeviDrill directional drilling systems, REFLEX downhole motors, xFORM multifunctional fluids, solids removal units, and the AMC drilling chemicals range); Rock Knowledge (BLASTDOG multi-sensor downhole systems, NOVAxG geoscience tools, ACTx/ACT III core orientation, and a survey-instrument suite including DeviGyro, DeviAligner, OMNIx, EZ-TRAC, and TN14 Gyrocompass); and Software (aiSIRIS AI-powered geological interpretation, Datarock automated sample analysis, EarthNET cloud data management, HUB-IQ field-data portal, ioGAS geoscience analytics, Krux real-time drilling analytics, and REFLEX XRF CONNECT elemental analysis). The platform is deployed across more than 1,000 mining sites in over 50 countries.

The company monetises through a mix of hardware/equipment sales and a growing base of recurring SaaS and software subscriptions that together represented 68% of H1 FY2026 revenue, up from 66% in the prior comparable period. Go-to-market is direct enterprise field sales supported by technical specialists, complemented by the IMDEX Academy learning platform and the Xploration Tech Symposium. Named enterprise customers include Rio Tinto, BHP, Newmont, and OceanaGold, with reported outcomes such as 25% accuracy gains and 15% cost reductions (Rio Tinto, grade control) and quantified drilling efficiency improvements of 25–40% fewer holes and 35–40% lower programme costs. IMDEX pursues an active inorganic strategy, with completed or pending acquisitions of Krux Analytics (full acquisition April 2026), Advanced Logic Technology and Mount Sopris Instruments (A$98.9M, expected March 2026), Earth Science Analytics, and Datarock.

Financially, IMDEX recorded H1 FY2026 revenue of A$246.59 million with A$26.21 million in net income and a 31.6% normalized EBITDA margin (140 bps YoY expansion). The Americas region generated 51% of revenue at 20% YoY growth, and analyst projections point to A$662.6 million in revenue by FY2029. R&D investment runs at 8–10% of revenue, supported by 496 active patents, and the company holds engineering/R&D centres in Calgary, Edinburgh, and Stavanger in addition to its Perth headquarters.

Name

IMDEX

Legal name

IMDEX LIMITED

Website

https://imdexlimited.com

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

501–1,000 employees

Short description

IMDEX is an Australian mining-technology company (ASX:IMD) that sells integrated hardware sensors, cloud analytics, and AI software to major mining operators across 50+ countries for precision drilling, geological sensing, and ore-body modelling.

Ownership category

akta.pro rank

Product category

Mining Technology

NAICS

Mining Machinery and Equipment Manufacturing (333131), Support Activities for Mining (213)

SIC

Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532)

akta.pro primary industry

Drill Tools, Bits & Downhole Equipment (IMAHAMAB)

akta.pro secondary industries

Rock Drilling & Blasthole Drilling Equipment (IMAHAMAC), Mine Surveying & Geospatial Services (Survey, Drone/LiDAR, GIS, Grade Control) (IMAKAKAK), Mining Automation, Telematics & Fleet Management Systems (IMAKANAK)

Keywords

• Mining technology
• Drilling optimisation
• Geological sensors
• Drilling fluids
• Subsurface intelligence

Headquarters

HQ city

Balmattum

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Technology and SaaS Products: Technology and SaaS products comprising 68% of revenue in H1 FY2026, up from 66% previously. Includes cloud-based analytics, software subscriptions, and digital solutions integrated with hardware.
2. Drilling Equipment and Hardware: Directional drilling systems, drilling fluids, solids removal units, and specialty infrastructure equipment sold to mining operators.
3. Professional Services: Technical specialist support and guidance services provided alongside technology deployment and implementation.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

IMDEX develops and sells an integrated mining technology platform combining directional drilling hardware, real-time geological sensors, drilling fluids, and cloud-based software analytics. Its product portfolio spans drilling optimisation equipment (DeviDrill, REFLEX motors, xFORM fluids, solids removal units), rock knowledge instrumentation (BLASTDOG, ACTx, survey tools), and a SaaS software suite (HUB-IQ, ioGAS, Datarock, Krux, aiSIRIS, EarthNET) for mining exploration and production operators.

Product overview

IMDEX is a mining technology company that has transformed from a traditional equipment supplier into a data analytics and software-as-a-service provider, with technology and SaaS products comprising 68% of revenue in H1 FY2026. The company operates an integrated technology platform combining hardware sensors, cloud analytics, and machine learning algorithms across more than 1,000 mining sites in over 50 countries. The product portfolio is organized across three interconnected categories: (1) Drilling Optimisation - including DeviDrill™ directional drilling systems, REFLEX DOWNHOLE MOTORS™, xFORM™ multifunctional fluids, Solids Removal Units (SRU), specialty infrastructure, and comprehensive drilling fluid additives under the AMC brand; (2) Rock Knowledge - encompassing BLASTDOG™ for bench characterisation, NOVAx™G geoscience tools, ACT III™/ACTx™ core orientation systems, LOGRx™ logging tools, and survey instruments including DeviGyro™, DeviAligner™, OMNIx™ series, EZ-TRAC™, and TN14 GYROCOMPASS™; (3) Software - comprising aiSIRIS™ AI-powered geological interpretation, Datarock automated sample analysis, EarthNET data management platform, HUB-IQ™ field data validation portal, ioGAS™ geoscience data analysis, Krux cloud-based drilling analytics, and REFLEX XRF CONNECT™ elemental analysis tools. This integrated hardware-software platform enables mining companies to find, define, and mine orebodies with precision and at speed.

Differentiator

Problem solved

Functional benefit

Brands

• DeviDrill: Directional drilling system, credited with enabling precision rescue of 33 miners during the 2010 Copiapó accident in Chile.
• REFLEX Downhole Motors
• xFORM
• ACTx
• BLASTDOG
• HUB-IQ
• ioGAS
• Krux
• aiSIRIS
• Datarock
• EarthNET

Products and services

• DeviDrill Directional drilling system enabling precise wellbore navigation and trajectory control with sub-0.1 degree precision, for mining exploration and production operators.
• REFLEX Downhole Motors Downhole motor systems providing steering capability and performance optimisation for directional drilling in various geological conditions, sold to mining operators.
• xFORM Multifunctional Drilling Fluids Multifunctional drilling fluids offering a simplified approach to optimal mud program performance, including xFORM D+ and xFORM L+ variants, for mining drilling operators.
• Solids Removal Units (SRU) Solids control equipment including shaker screens and SRU systems for removing drill cuttings from drilling fluids, including Surface SRU, 500 R, 2000 M, IMD-1500-R, IMD-500-SC, IMD-M100-TT SRU, and Ultra Lightweight SRU.
• AMC Drilling Products (Drilling Fluid Additives) Complete suite of drilling fluid products and additives including drilling fluid accessories, cement & grouting additives, clay & shale stabilisers, fluid-loss control agents, foaming agents & detergents, lost circulation materials, lubricants & cutting oils, specialty products & chemicals, treating chemicals, and viscosifiers, sold to mining drilling operators.
• BLASTDOG Multi-sensor downhole data acquisition, analysis and visualisation system for bench characterisation applications in mining operations.
• ACTx Core Orientation System Digital core orientation system that enhances safety, accuracy, and time to orient core at the drill rig site for mining exploration operators.
• DeviGyro Gyroscopic Survey Tool Gyroscopic survey tool for borehole orientation and deviation measurement, available in multiple variants for mining drilling applications.
• HUB-IQ Cloud Portal Secure, cloud-based portal for validating field data transmitted from the drill rig, integrated with leading industry software, for mining operators.
• ioGAS Geoscience Analysis Software Geoscience data analysis software enabling detection of patterns, anomalies and relationships in exploration and mining data for geologists and mining operators.
• Datarock Automated Geological Sample Analysis Automated geological sample analysis platform providing rapid, consistent processing of drill core and sample imagery using advanced algorithms, for mining exploration and production operators.
• Krux Cloud Drilling Analytics Cloud-based real-time drilling analytics platform providing live monitoring and optimisation of drilling operations, for mining operators.
• aiSIRIS AI Geological Interpretation AI-powered geological interpretation software for analysing exploration data and generating insights for geologists and mining operators.
• EarthNET Data Management Platform Cloud-based data management and collaboration platform supporting digital ecosystem interoperability across mining operations, for enterprise mining companies.
• REFLEX XRF CONNECT Elemental Analysis X-ray fluorescence data connection and analysis platform for elemental analysis of geological samples, for mining exploration and production operators.
• NOVAxG Geoscience Analytical Tool Geoscience analytical tool providing advanced capabilities for geological data interpretation and analysis for mining exploration operators.
• ACT III Core Orientation System Core orientation system for structural geology applications, enabling accurate positioning of drill core samples for mining exploration operators.
• LOGRx Logging System Logging system for structural geology applications, supporting geological data collection and analysis for mining exploration operators.
• DeviAligner Survey Instrument Survey instrument for borehole alignment and orientation measurements for mining drilling operators.
• OMNIx Series Survey Instrumentation Survey instrumentation suite including OMNIx BOLT, OMNIx 38, and OMNIx 42 for various borehole survey applications for mining operators.
• EZ-TRAC Survey Tool Survey tool for borehole tracking and positioning measurements for mining drilling operators.
• TN14 GYROCOMPASS Gyrocompass instrument for precise borehole orientation and directional survey applications for mining drilling operators.

Quantifiable outcome

• Precision-guided drilling reduces required drill holes by 25-40% compared to traditional grid-based methods
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature7 records

Partnerships

Two partnerships are on record, tiered core.

• Earth Science AnalyticscoreTechnology or IntegrationStrategic partnership focused on digital ecosystem interoperability, enhancing IMDEX's ability to provide integrated geological data and real-time decision-making tools through interoperability with Earth Science Analytics solutions.
• BHPcoreStrategic or Co-development PartnerIMDEX participates in BHP's accelerator programs including BHP Xplor for early-stage exploration technologies and BHP Invent OBK for operational optimisation. BHP maintains an equity-free model providing mentorship and technical expertise. The 2025-2026 BHP Invent OBK cohort focuses on AI analytics, advanced sensing, and automation technologies.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Epiroc: Major OEM of mining and infrastructure equipment, including drilling rigs, rock drilling tools, and automation/digital solutions. Competes with IMDEX across drilling equipment while offering a broader fleet portfolio to the same Tier-1 miners.
• Hexagon AB (Mining division): Provides surveying, geospatial, and autonomous mining technology platforms. Closely comparable to IMDEX's survey instrumentation (DeviGyro, OMNIx), BLASTDOG bench characterisation, and HUB-IQ data integration offerings, though at much larger group scale.
• Caterpillar (Mining): Largest mining equipment OEM, with Cat MineStar autonomy and digital platforms. Competes indirectly with IMDEX via fleet management and autonomous drilling adjacencies that integrate with major mining customers.
• Sandvik Mining and Rock Solutions: Division of Sandvik providing drilling equipment, tools, and digital mining solutions. Comparable to IMDEX's directional drilling, downhole motors, and rock-knowledge product lines, with stronger scale and a wider equipment portfolio.
• Komatsu (Mining): Mining equipment OEM with smart mining and autonomous haulage solutions. Adjacent competitor to IMDEX in mining digitalization, particularly for major miners adopting integrated autonomy ecosystems.

Direct peers

• Micromine: Provider of mining software for exploration, resource modelling, and mine planning. Directly comparable to IMDEX's ioGAS, aiSIRIS, and EarthNET geoscience and data-integration software stack for the same mining customers.
• Seequent (Bentley Systems): Geoscience analysis software (Leapfrog, GeoStudio) for mining and civil infrastructure, now part of Bentley Systems. Direct competitor to IMDEX's ioGAS and aiSIRIS for geological interpretation and 3D orebody modelling.
• Maptek: Mining technology vendor offering survey, orebody modelling, and production planning software. Comparable to IMDEX's rock-knowledge and software portfolio, with overlapping use cases in drill data analysis and grade control.
• Boart Longyear: Global drilling services and equipment provider to the mineral exploration and production industry. Directly comparable to IMDEX's drilling optimization and downhole instrumentation business, with overlapping customers in major mining houses.
• Datamine: Mining software suite spanning resource estimation, mine planning, and production optimisation. Comparable to IMDEX's software portfolio for the same mining customers across exploration and production workflows.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ImdexLimited
• Facebookfacebook.com/ImdexLtd
• LinkedInlinkedin.com/company/imdex-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IMDEX