The RPMGlobal Holdings Ltd (ASX: RUL) share price has lifted out of an early dip at the open today after news the company is acquiring the rights to use a carbon management software.
It will use the software to build an environmental, social, and governance (ESG) focused “sustainability technology vertical”.
At the time of writing, the RPMGlobal share price is up 0.97%, trading at $2.08.
Let’s take a look at today’s announcement from the mining industry service provider.
RPMGlobal share price lifts on technology acquisition
The RPMGlobal share price is heading north this morning after the company announced it was strategically acquiring a copy of Eden Suite‘s environmental data management and reporting software.
That will see it with the exclusive right to use Eden Suite’s intellectual property in the mining and quarrying industries.
Access to the software will cost RPMGlobal $400,000, which it will pay in cash.
The purchase follows the company’s acquisition of 2 ESG businesses, Nitro Solutions Pty Ltd and Blueprint Environmental Strategies, in July and September respectively.
Thus, today’s news marks the first software solution used in the company’s brand new vertical.
Eden Suite’s software can track, forecast, and report carbon emissions output. Companies can log emissions sources in the program. Then, those sources are integrated through direct data linkages.
According to RPMGlobal, miners currently struggle to report emissions output due to a lack of data capture.
Management commentary
RPMGlobal CEO and managing director Richard Mathews commented on the news, saying:
Mining organisations are being required to undertake an increasing amount of time sensitive statutory reporting for ESG and this can no longer be reliably delivered through the use of Excel spreadsheets.
With the RPM Emissions Management Software solution, a site or an entire organisation can generate annualised emissions submissions that can be summarised into daily emissions trends per activity or even source…
Real-time data capture allows mining clients to proactively monitor and manage their progress across scope 1, 2 and 3 inventories.
Right now, the RPMGLobal share price is 59% higher than it was at the start of 2021. However, it has fallen 1.9% over the last 30 days.
The post The RPMGlobal (ASX:RUL) share price lifts on new acquisition appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended RPMGlobal Holdings. The Motley Fool Australia has recommended RPMGlobal Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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