Metals logistics platform MineHub to acquire Waybridge for $2.5 million in shares
LONDON (Reuters) - Canada's MineHub Technologies Inc, which has digitised trade finance and logistics in metals and mining, agreed to buy rival Waybridge for $2.5 million in MineHub shares, the firms said on Thursday.
Online platforms for industrial metals have gained momentum in recent years as traders gradually move away from traditional paper-based systems.
The two firms complement each other, with MineHub stronger in Asia and mining firms and Waybridge more focused on North America and industrial consumers of metals, a joint statement said.
Privately-held Waybridge has over 90 companies interacting on its platform including manufacturers, miners, warehouses and shipping companies, it added.
Last year, global miner BHP Group and Japan's Sumitomo Corp both subscribed to MineHub and agreed to use its platform.
"We have the potential to significantly reduce timelines to reach critical mass and become an industry standard, creating network value for our customers," said MineHub Chief Executive Arnoud Busmann.
"All the data that key industries... need to verify compliance with ESG policies, trade regulations or determine their Scope 3 emissions exposure will be captured and accessible in one place."
Current Waybridge CEO Scott Evans will be appointed to MineHub’s Advisory Board to help work on commercialization and strategy.
(Reporting by Eric Onstad; Editing by Kim Coghill)