- K2fly unveiled the progress made by Decipher since its acquisition was announced on 23 January 2021.
- The technology company says Decipher has gone live at SAEC (South African Energy Coal) for the monitoring of tailings.
- K2fly has inked a new contract with gold company Evolution Mining.
- The company has bagged a purchase order from Hunter Valley Coal, a division of mining and metals company BHP.
Mining software company K2fly Ltd (ASX: K2F) has said that its newly acquired business, Decipher for Mining, has made decent progress following the completion of acquisition on 31 March 2021. K2fly had announced the acquisition of Decipher, a technology business previously held by the CSBP Limited, a subsidiary of Wesfarmers Limited (ASX:WES), on 23 January 2021.
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Updating on new developments, K2fly said it has inked a new contract with gold company Evolution Mining (ASX: EVN) for its inaugural implementation of a tailings’ solution at Lake Cowal. The value of the deal is over AU$250k, while the contract will be valid for three years, the ASX listed company said in a regulatory filing on April 29.
Besides, the Australian technology company has also secured a purchase order from Hunter Valley Coal, a division of mining and metals company BHP (ASX: BHP), for an initial proof of concept for the Decipher rehab solution.
How is Decipher Performing Post Acquisition
The acquisition of Decipher for Mining is helping K2F to provide end-to-end solutions for monitoring, disclosure, and governance for the tailings in the mining industry. There is surge in demand for its Decipher solutions in tailings and rehab following the rollout of the Global Industry Tailings Standard (GITS).
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The Australian technology company said that the pipeline for Decipher from K2fly solutions is rising quickly due to significant pressure from investors and other stakeholders in the mining sector.
Decipher offers cloud-based software-as-a-service (SaaS) monitoring and compliance solutions that helps mining companies in managing their rehabilitation and closure as well as monitoring their tailings storage facilities.
The company said that Decipher went live at SAEC (South African Energy Coal) for its tailings monitoring solution in February 2021, which resulted in a total contract value (TCV) of over AU$70,000. The project continues to meet expectations, it added.
SAEC owns four mine operations and three processing plants, which produces energy coal for the domestic and export market. A coal operating arm of ASX listed South32 (ASX: S32), SAEC was separated from the group and become a stand-alone business on 30 April 2018.