Perth-based Micromine provides software solutions across the upstream mining value chain, encompassing mine design, planning, operational scheduling, and mining operations for various ore types.

The acquisition aims to leverage Weir’s global distribution network to accelerate Micromine’s growth. With a 25% annual revenue growth rate and projected 2025 revenues of approximately £68m, Micromine boasts a strong financial profile, with 90% of revenue derived from recurring software-as-a-service subscriptions. This aligns with Weir’s aftermarket-focused model.

The £657m enterprise value will be settled in cash, utilising existing resources and new debt facilities, with the transaction expected to close in the second quarter. Weir’s net debt as of 31 December 2024, was £535m.

Jon Stanton, CEO of Weir, said: “The acquisition of Micromine is a significant step in our strategy of investing in technology to accelerate smart, efficient and sustainable mining. The combined force of Micromine and Weir will create a sector-leading globally scaled platform to optimise performance across the mining process.

“In Micromine, we are adding an established, high-quality business and proven performer that is complementary to Weir’s aftermarket-focused business model and current digital solutions. This acquisition provides a compelling opportunity for strong value creation in the immediate and longer term.  

“The Micromine team are experts in their field and share Weir’s innovative mindset and customer focus. We look forward to welcoming them to Weir and working with them to provide customers with unparalleled technology and insights to enhance their operations. 

“Today is an important and exciting day. Combining Weir’s engineering technology expertise and customer networks with Micromine’s leading software solutions and diversified customer base will allow us to further harness digital technology to drive productivity and sustainability for the global mining industry.”

Andrew Gray, managing partner of Potentia Capital, said: “We are thrilled that Micromine will be joining the Weir family of businesses which we think is the perfect home for the business.

“I feel the addition of Micromine’s solutions, in particular its suite of AI offerings, will allow Weir’s customers to rapidly capitalise on their digital futures.”

The acquisition will ultimately combine with Weir’s MOTION METRICSTM and NEXT intelligent solutions and accelerate its vision for a digital platform using data from across the mining value chain to optimise resource planning, mine design and operations, and processing activities. With this acquisition, Weir’s strategy is to become an end-to-end software segment leader in the mining industry with solutions for process optimisation and clear competitive differentiation in line with Weir’s existing business model.

Post-acquisition, Micromine will initially operate independently under Weir’s ESCO division, before being integrated with Weir’s existing digital solutions. Kristen Walsh, currently managing director of Weir’s minerals division in Asia Pacific, will lead the combined digital platform. Micromine’s current CEO, Andrew Birch, will remain in an advisory role for up to 12 months.