A chance meeting of old friends has led to a Nasdaq-traded company acquiring SA`s Mine WorX, a mobile technology company.
Mine WorX is in the process of being bought by Orbtech Holdings, a division of Celtron International, a Nasdaq over-the-counter equity security. The deal takes effect on 1 May.
Mine WorX MD Ron Pienaar says he and Orbtech MD Allen Harrington have known each other since they started companies next to each other 22 years ago.
"About six months ago we bumped into each other as friends and talked about what we were doing," he says. They found their companies had common interests and began discussing a deal.
Celtron`s main focus is on mobile tracking and management, while Mine WorX specialises in mobile technology, including Internet browsing via PDA and wireless application protocol, PDA applications and other mobile devices across various protocols.
Pienaar says some of Mine WorX`s largest customers are in the mining sector, an area in which Orbtech also operates.
Mine WorX is to retain its name and will operate as a wholly owned subsidiary of Orbtech in SA, although it will also piggyback on the international operations.
Orbtech says Mine WorX and another company, IT Empowerment, were identified to render support services to the recent technology developments at the company.
Harrington says the acquisitions also add a further R30 million income to the group. Both companies "are very successful and have exciting growth prospects. This is also important considering the fact that Orbtech is being groomed for a listing on the JSE Securities Exchange later this year."
Celtron`s platform technology is a flexible, mobile-cellular data communications device, coupled with a proprietary software system and integrated management services.
The company says this technology is being integrated with global positioning systems and applied in an automated vehicle tracking, management and recovery system.
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