BRISBANE-based georesources technology services company Qteq Pty Ltd has acquired 100% of Perth-based NMR Services Australia Pty Ltd to build on its position as a leading coal seam gas and onshore oil and gas service provider.
The acquisition is being completed via a private cash-and-scrip deal that Qteq says will see no job losses while leading to considerable business expansion.
“We have not only acquired additional cutting-edge technology and equipment, a state-of-the-art tool manufacturing facility and considerable R&D capacity, we are also welcoming all of NMRSA’s team to Qteq,” chairman and CEO Simon Ashton said.
“We are now a company with 70 personnel, operating across six continents, and this will not be our last transaction because we’re seeking technology partners across the globe to join with us as we grow.”
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 that was now 80% owned by its management and employees. It is also one of the world’s largest provider of wired pressure gauge systems.
“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.”
NMRSA co-founder Dr Tim Hopper will become Qteq’s new Chief Technology Officer and 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.”
Qteq xhief operating officer Ewan Meldrum said there had already been tremendous interest, globally, in the company’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 said.
“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.”
Caption: (l-r) Qteq chief technology officer Dr Tim Hopper, CEO and chairman Simon Ashton and COO Ewan Meldrum after the official announcement at the company’s operations base in Toowoomba.