At a special event held in Toowoomba on 4 October, Qteq Pty Ltd announced it had acquired 100 per cent of Perth-based NMR Services Australia Pty Ltd’s issued share capital in a private cash-and-scrip deal.
Chairman and Chief Executive Officer Simon Ashton said that in the few short months since it officially launched, Qteq had established itself as the world’s largest provider of wired subsurface electronic gauge systems.
He added that the acquisition of the West Australian borehole magnetic resonance (BMR) tool specialists NMRSA would lead to considerable expansion of Qteq’s bottom line.
Qteq has already been successfully servicing georesources clients in the coal seam gas, onshore oil and gas and groundwater industries across Australia. With the entire NMRSA team coming on board, Qteq is welcoming hard rock and solution mining as well as coal mining clientele from several continents.
NMRSA co-founder Dr Tim Hopper, who grew up in South-East Queensland, will become Qteq’s new Chief Technology Officer but remain based in Perth.
“We are delighted to be joining with Qteq as this will significantly accelerate our international growth,” Dr Hopper said.
“The combined entity provides a strong balance sheet to back the growth trajectory that we are pursuing.
“It also provides resources for us to continue developing our range of geophysical equipment that will help shape the georesources industries of the future.”
Mr Ashton noted that the addition of NMRSA’s fleet of BMR data-logging tools to Qteq’s existing equipment portfolio would immediately add a significant revenue stream.
“With this deal, we have also inherited a high-calibre R&D platform, along with a state-of-the-art tool-manufacturing facility. What this has given us is a platform for achieving global expansion and we’re ready for that step,” he said.
Chief Operating Officer Ewan Meldrum said Qteq was delighted to welcome the talented NMRSA team to its growing stable of highly skilled personnel, with further employment and career opportunities opening up as the business expands.
“We are a company with a growing workforce, with clients across six continents,” Mr Meldrum said. “Qteq is actively seeking technology partners across the globe to join with us as we grow our business.”
Mr Ashton explained that one of Qteq’s greatest strengths was that it deploys what it calls its iQnomics business model, “a highly successful use of innovative, disruptive technologies to achieve critical operational and budgetary efficiencies”.
“This sees us transforming the relationship between technology excellence and cost performance by intelligently applying capital and capabilities to deliver accurate, real-time downhole data that produces greater efficiencies for clients at previously unattainable prices,” Mr Ashton said.
“Using this unique model, we have created a platform for Qteq to achieve rapid global expansion and that is allowing us to roll out even more disruptive capabilities and to forge even more advantageous collaborations.
“Four things – this model, our access to global capital, the support of our clients and the depth of our talent pool – set us well ahead of other companies servicing georesources clients.”
Mr Ashton said that, in the few short months since its official launch in early August, Qteq had already established itself as a leading Australian technology services solutions provider for onshore georesources industries.
He said Qteq was now 80 per cent owned by its management and employees, allowing its people greater control over their destiny.
“I am particularly proud that our investment in technology and people is enabling Qteq to help improve the sustainable economic development of the world’s georesources,” he said. “This, in turn, enhances our clients’ social licence to operate.
“We are intent on commercialising the incredible latent energy and scientific capabilities in Australia through seed capital support and mentoring programs.”
Meanwhile, Mr Meldrum said there had already been tremendous interest, globally, in Qteq’s range of products and services to accurately determine and monitor georesource deposits.
“Our products and services are highly portable, lightweight, safe and easy to operate in remote areas,” Mr Meldrum explained.
“With the NMRSA acquisition, we have a springboard into several overseas markets, and demand is clearly increasing right across the board as Qteq delivers on its promises.
“We are expanding our Toowoomba facility to accommodate the BMR operational and support functions, as well as cross-training our technical staff to support our full range of services.
“Our clients know that the next real step change in value creation will stem from new technology innovations and not predatory price reductions.
“That’s the real power of disruption, and we have several concepts in the R&D pipeline to further shake things up.”
Tactical trio: (l-r) Qteq Chief Technology Officer Dr Tim Hopper, CEO and Chairman Simon Ashton and Chief Operating Officer Ewan Meldrum after the official announcement at the company’s operations base in Toowoomba that the company had acquired Perth-based high-value tech start-up NMR Services Australia Pty Ltd.