UK-based engineering company Weir has entered a binding agreement to acquire Micromine, a global mining software provider based in Australia, for an enterprise value of £657m ($830.75m).
The acquisition will enhance Weir’s digital mining solutions and support its growth strategy.
Micromine offers comprehensive solutions across the upstream mining value chain. Its software solutions support key mining processes including exploration, mine design, mine planning, operational scheduling and mining activities across hard ore, soft ore and underground applications.
The company has experienced a compound annual growth rate of 25% over the past few years, with 2025 calendar year revenues expected to reach approximately £68m.
Micromine’s success is attributed to its recurring software-as-a-service subscription income, which accounts for approximately 90% of the company’s revenue.
Post-acquisition, Weir plans to initially operate Micromine independently while externally reporting under its ESCO Division.
Over time, Weir intends to integrate Micromine with its MOTION METRICS and NEXT intelligent solutions, forming a unified digital optimisation platform.
Kristen Walsh, the current managing director of the Weir Minerals Division APAC region, will lead the business and report to Weir CEO Jon Stanton, with Micromine CEO Andrew Birch providing advisory support for up to 12 months post-acquisition.
The transaction is set to be completed in the second quarter of 2025 (Q2 2025), pending approval by the Foreign Investment Review Board of Australia.
Stanton 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.”
Weir’s acquisition of Micromine at a revenue multiple of approximately ten-times December 2025 revenue and an earnings before interest, taxes, depreciation and amortisation (EBITDA) multiple of around 20 times, excluding synergies, is expected to be accretive to the company’s revenue growth and operating margin profile.
The deal is anticipated to be earnings-per-share accretive in the first full year of ownership, with return on invested capital expected to exceed the weighted average cost of capital by 2028.
At the Prospectors & Developers Association of Canada Annual Convention last week, Micromine announced plans to unveil the Micromine Origin Grade Copilot, an AI-driven modelling tool, in collaboration with Kinross Gold.
The tool utilises “advanced” neural networks to effectively develop “robust” geological and grade models, facilitating more assured exploration choices and resource assessments.
Earlier this month, Micromine launched a new tool, Micromine Advance, aimed at enhancing the efficiency of underground mine planning.
