"Qmuzik and Datamine share a common vision to provide the mining industry with best-in-class technology that pushes them to the forefront of digital innovation," Qmuzik CEO Jan Small said on Friday.
The Johannesburg business has two product lines, Qmuzik ERP and Qmed, an occupational health and hygiene solution "with leading market share in the South African mining industry".
Small was set to continue as Qmuzik's CEO, with Qmuzik to operate as a standalone business within the Vela Mining Group.
Datamine was established 40 years ago and was acquired by Vela's parent company, TSX-listed Constellation Software, in 2015.
Datamine and Qmuzik did not provide details of their deal.
"This acquisition is another exciting addition to the Datamine group," Datamine CEO Dylan Webb said.
A leading advisor in the mining technology deal space had told Mining Journal in February acquisition transaction multiples were rising on the back of accelerating mining company technology adoption, low-cost financing, PE activity in the sector and ongoing industry consolidation.
The comments followed Swedish mining equipment manufacturer Epiroc acquiring South Africa-based mining software specialist MineRP for about US$70 million in December.
Constellation Software (TSX: CSU) is trading near a one-year high, closing up 0.5% yesterday to C$1,847.68 to capitalise it about $39 billion (US$31.5 billion).
