ABB - Sandvik Acquires Newtrax For Underground Wireless Connectivity
Quick Take
Sandvik (SDVKY) announced it has acquired Newtrax for an undisclosed amount.
Newtrax operates as a wireless IoT connectivity technology supplier for hard rock mines.
SDVKY acquired Newtrax to add to its mining analytics and process optimization software systems as the firm seeks to offer increasingly advanced digitalization and automation tools to customers.
Target Company
Montréal, Canada-based Newtrax was founded in 2008 to provide wireless IoT and AI-powered technology for personnel, machinery and environment monitoring, analysis, and optimization for underground mining operations.
Management is headed by Founder and CEO Alexandre Cervinka.