The Weir Group will acquire Motion Metrics, a leading Canada-based global mining technology business for an initial consideration of £89 million ($162.8 million).
Motion Metrics is the market-leading developer of innovative artificial intelligence (AI) and 3D rugged machine vision technology used in mines worldwide, helping miners increase the safety, efficiency and sustainability of their operations.
Motion Metrics’ Vancouver headquarters will become Weir’s global centre for excellence in AI and machine vision technology.
According to Weir, Motion Metrics will join its ESCO division reflecting the early adoption of its technology in ground engaging tools (GET) where ESCO is an established global leader.
“The combination of Weir and Motion Metrics will be extremely powerful and reflects our ambition to play a leading role in mining’s technology transformation,” Weir Group chief executive officer Jon Stanton said.
“Motion Metrics not only provides access to innovative and highly relevant technology that will accelerate growth in our ESCO division, but it also brings world-class expertise in AI, rugged 3D machine vision technology and data science that is applicable across the group.”
Initial integration efforts will focus on leveraging Weir’s global sales network and the ESCO division’s large installed base to rapidly expand adoption of this value-enhancing technology by the company’s mining customers thereby driving significant revenue growth.
Over the next two years, integration costs are expected to total £3 million.
“This acquisition is fully aligned with our strategy and our commitment to grow ahead of our markets, expand our margins and significantly reduce our customers’ environmental footprint,” Stanton said.
Motion Metrics AI and machine vision capabilities are expected to be leveraged across the whole mining value chain served by the Weir Group.
“Having proven our technology and grown rapidly over recent years, the time is right for us to accelerate our development as part of the Weir Group, which brings access to every major mining region in the world, from pit to plant,” Motion Metrics founder Dr Shahram Tafazoli said.
Miners are increasingly focused on improving the safety, efficiency and sustainability of their operations. To support this, Motion Metrics has developed proprietary products and solutions that support these critical ambitions leveraging innovative machine vision, distributed AI and machine learning.