According to DataCloud, MinePortal is a geological data modelling tool that can process high volumes of data in the cloud while applying geostatistical and machine learning algorithms and real-time three-dimensional visualisations to identify orebody trends.

Orebody knowledge is critical for miners to optimise fragmentation during blasting, to allow precision mining, and for delivering mine to mill efficiencies.

Under the terms of a signed asset purchase agreement the $20 million transaction includes an initial cash payment of $8 million followed by three tranches of Imdex shares over three years.

Imdex CEO Paul House said Imdex expected to bring in $2 million a year in extra software-as-a-service revenue with MinePortal in 2022 by delivering products from sensor data and third-party sensing systems.

"The partnership will accelerate our product development roadmap and will benefit Imdex, our clients and the global minerals industry," he said.

"MinePortal enhances our technology leadership with next generation cloud-based software that supports real-time data processing.

"It has an existing presence within mining production and can be applied to other phases of the mining value chain, and finally, it increases our SaaS offering and will generate additional quality revenue."

House said the company was looking forward to welcoming members from the DataCloud team into Imdex.

Imdex chairman Anthony Wooles said MinePortal supported IMDEX's growth strategy.

"The structure of the transaction is prudent and importantly, does not place any pressure on the strength of the company's balance sheet," he said.