Tucson’s Mintec to be acquired by Swedish co. Hexagon
Hexagon AB, a Swedish company and global provider of design, measurement and visualization technologies, has begun negotiations to acquire Tucson-based Mintec Inc., a maker of management and modeling software for the mining industry. Terms of the purchase by Hexagon AB, were not disclosed, and the two companies said they expect the deal to close by June 2014.
Mintec, a company created by co-founder and Chairman Fred Banfield in 1970 in the comfort of his Tucson home, has been providing its clients for decades a comprehensive suite of modeling and mine-planning software under the flagship MineSight brand. Mintec has 232 employees, including more than 100 at its headquarters in Tucson. The company also has branch offices in Mexico, Canada, Peru, Chile, Australia, South Africa and London.
Mintec Chairman Banfield said he sees “enormous synergy” in Hexagon’s acquisition of his company.
Hexagon is no stranger to the ecosystem of mining engineering and technology companies that call the Tucson area home. In 2007, the Swedish company obtained Tucson-founded Jigsaw Technologies, another mining software provider, and brought the local operation under Leica Geosystems.
In 2013, Mintec won a President’s E-Award for Exports, the highest honor any U.S. company can obtain for “making a significant contribution to the expansion of exports.” Mintec was the only Arizona company to win the award last year, among 57 awardees in 22 states.