K2Fly (ASX: K2F), a provider of enterprise-level Resource Governance solutions, has received firm commitments to raise A$6.2m via a strategic and institutional Placement.
The new funding will be applied to K2fly’s product development and working capital requirements to deliver continued growth.
The Placement is being led by strategic investor Maptek who will become a 13.2% shareholder in K2fly. In addition, Maptek’s Chairman, Peter Johnson, will join the K2fly Board as a Non-Executive Director.
Maptek is a global provider of innovative software, hardware, and services for mining. Founded in Australia 41 years ago, Maptek offers a unique combination of domain knowledge, technical expertise, and engineering resources. It is the largest private mining software group in the world with annual revenues in excess of A$120m.
Maptek dominates the sector globally for mine planning and geological modelling software as well as solutions across a wide span of the mining value chain.
We are delighted to welcome Maptek as a strategic investor in K2fly and for Maptek’s Chairman Peter Johnson to join K2fly’s Board,” Jenny Cutri, Non-Executive Chair of K2fly said.
“The investment by Maptek make it K2fly’s largest investor and represents a significant validation of the K2fly business and growth outlook by the world’s largest privately held mining software business.
“On behalf of K2fly and the Board, we very much look forward to working with Peter and Maptek as we continue to grow the K2fly business. Peter’s wealth of knowledge in applying and scaling innovative technological solutions in the mining sector into sustainable and profitable businesses will be invaluable to K2fly.
“Further, our solutions are adjacent and there are many opportunities for collaboration.”
Mr Johnson said Maptek has a long and successful history of enabling the world’s mining industry to improve their businesses by delivering technical solutions to increase the accuracy, safety and efficiency of their mining decisions and operations.
“K2fly provides solutions that are very complementary to that effort, enabling those same customers to interact with all stakeholders including local communities, traditional owners, the investment community, regulators and the environment in an improved fashion by leveraging technology to ensure the ESG and reporting expectations of the community are not only met, but given a sustainable platform upon which to be enhanced.
“K2fly is the leader in the field of creating and delivering the technology solutions to enable that and is the ideal way for Maptek to support that effort.
“I very much look forward to working with the Board and executive to continue the success towards that end.”
