Industrea said the sale consideration was immaterial as MeT contributed little revenue and EBITDA to the overall group.
Industrea managing director and chief executive Robin Levison said the sale represented a finetuning of the group’s business model, allowing senior management to focus on the core business of advanced mining products and services.
“As a specialist mining safety and productivity provider to the global mining industry, the MeT software development business, charged via hourly rates, was no longer a strategic fit with the broader Industrea businesses,” he said.
“As a result of this and the non-scalability of the business, management considered that the disposal of the business was in shareholders’ best interests.
“The sale to the existing management has streamlined the sale process and provided a good outcome for Industrea and for the customers and staff of the continuing MeT business.”
Industrea said in due course the staff and business would relocate to different premises, providing an opportunity to achieve further efficiencies relating to its corporate head office.
Shares in Industrea are up half a cent to A42.5c.