Weir to acquire Micromine, a global leader in mining software solutions
Authored by: Press Release
Micromine is a leading software provider to the mining industry with comprehensive solutions across the upstream mining value chain from exploration through mine design and planning, operational scheduling and mining operations in hard ore, soft ore and underground applications.
The business is established and highly successful to date. It’s calendar 2025 revenues are expected to be c. £68m, having grown at 25% CAGR2 over the past few years, and largely arise from recurring SaaS subscription income. Micromine is achieving sector-leading operating margins and is highly cash generative.
Micromine is regarded as one of the most comprehensive dedicated software businesses in the mining industry and brings complementary domain expertise to Weir. Under Weir’s ownership, Micromine will leverage the Company’s global direct distribution channels in mining to further accelerate its growth.
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 optimization and clear competitive differentiation in line with Weir’s existing business model.
A sterling equivalent enterprise value of £657m1 (A$1,310m), implies a revenue multiple of c.10x at December 2025, and EBITDA multiple of c.20x at December 2025, excluding the impact of synergies. The deal is accretive to Weir’s revenue growth and operating margin profile. The deal is expected to be EPS accretive in the first full year of ownership3 with ROIC expected to exceed WACC in 2028.
Post acquisition, net debt to EBITDA4 is expected to be below 2.0x at December 2025 and below 1.5x by year end 2026, in line with our capital allocation policy. The acquisition debt is underwritten for 24 months from the announcement date and will be refinanced in due course.
The transaction is expected to complete in Q2 2025, subject to clearance by the Foreign Investment Review Board of Australia (FIRB).
Post completion, Weir intends to initially run Micromine independently, while reporting externally under the ESCO Division. In due course, we intend to integrate the business with MOTION METRICSTM and NEXT intelligent solutions, to create a combined digital optimization platform.
This business will be led by Kristen Walsh, currently Managing Director of Minerals Division APAC region, who will join the Group Executive reporting to Jon Stanton. Andrew Birch, the current CEO of Micromine, will remain with Weir for up to 12 months supporting Kristen in an advisory capacity.
