Agreement to acquire Enterprise Asset Management advisory business with blue chip client base
Technology enabled through proprietary software platforms
Complementary addition to COSOL’s existing proprietary software and IP/technology stack
Unique end-to-end Enterprise Asset Management capability
COSOL Limited (COSOL) is pleased to announce that it has entered an agreement to acquire Work Management Solutions (WMS), a Perth-based business that delivers business advisory and technical consulting services to the resources and utilities sectors.
WMS serves large-scale mining groups in WA, including Rio Tinto, Fortescue Metals Group Newmont, BHP, Glencore and Roy Hill.
Clients in other asset intensive industries include Austal, Aurizon, Australian Rail Track Corporation, Snowy Hydro, Geelong Port and CBH Group.
The addition of WMS’s advisory services and associated proprietary technology platforms will represent a significant expansion of COSOL’s existing offering, helping extract efficiencies and better financial returns for asset intensive industries and resulting in COSOL having a unique and enviable capability across the Enterprise Asset Management (EAM) spectrum.
The acquisition is in line with COSOL’s strategy of delivering to clients exceptional business outcomes underpinned by proprietary IP and growing its global footprint through incremental growth in Australia and North America, and strategic acquisitions that add technical edge, new clients and new markets.
COSOL Global CEO Scott McGowan said the complementary nature of the combined portfolio further positions COSOL as a global leader in digital transformation and data exploitation.
“WMS augment COSOL’s end-to-end EAM capability, as we work with our clients in large-scale organisations in heavy asset industries to advise, operate and optimise the EAM ecosystem,” he said.
“Our innovative approach unites people, processes and systems, to drive quantifiable business improvements through data and data analytics. Together we will leverage the strengths of our global team and an extended network of partners to connect businesses to the solutions and services they need to unlock asset potential.”
The WMS acquisition follows the successful integration of Clarita Solutions, acquired by COSOL in November 2021, and AddOns in North America in 2020.
WMS is already a partner to COSOL, providing its advisory services in combination with COSOL’s asset management IP. The full WMS service offer will be immediately available to COSOL’s broader international client base, which includes major mining groups such as Glencore, Anglo American, De Beers (South Africa), Cleveland Cliffs (North America) and Ok Tedi (PNG).
Beyond mining, COSOL’s clients include the Australian Department of Defence, energy utility TransGrid, Melbourne Water, Pacific National, Unity Water, Navajo Transitional Energy Co (New Mexico) and Niagara Frontier Transportation Authority (New York State).
WMS Managing Director Mark Warrener said the combination of COSOL and WMS would result in a complete offering to the combined client base.
“The blend of the WMS advisory business with COSOL’s asset management services and proprietary software and IP will deliver invaluable insights and efficiencies to our clients in their endless pursuit to optimise productivity and deliver better returns,” said Mr Warrener.
“Major corporations need to capture every possible operational efficiency within their asset intensive ecosystems, where the smallest adjustment either way can make a material difference to financial outcomes.”
COSOL provides advice, operational expertise and optimisation to deliver clients a complete end-to-end Enterprise Asset Management.
COSOL utilises proprietary software and digital solutions to serve asset intensive industries and drive quantifiable business improvements through the enhanced use of data and data analytics. It uses leading global Enterprise Asset Management platforms, including SAP, IBM – Maximo, Hitachi-Ellipse, IFS and Microsoft Dynamics, augmented with industry leading GIS solutions.
COSOL Limited was listed on the Australian Stock Exchange (ASX) in January 2020 and COSOL’s clients include major corporations in the heavy asset sector including Australian Department of Defence, Urban Utilities, Glencore, Anglo American, De Beers, Cleveland Cliffs, Accelor Mittal and OK Tedi.
Founded in 2000 and with operations in Australia and North America, COSOL has demonstrated an ability to grow organically and through acquisition while maintaining growth in revenue, profit and eps.
Established in 2007, Work Management Solutions is a globally recognised asset management specialist with a strong track record in driving enhanced performance for asset intensive businesses.
It has extensive experience and expertise across numerous organisations and industries utilising an innovative integrated approach to reduce risk, increase productivity and optimise efficiency for clients.
The WMS end-to-end methodology is designed to maximise clients’ return on investment, both financial and in terms of long-term sustainability.