Mining tech firm Motion Metrics to be acquired by Weir Group for $150M
Motion Metrics has approximately 125 employees focused on R&D, alongside sales and field support.
Motion Metrics, a Vancouver mining tech firm, has agreed to be acquired by Weir Group for an initial consideration of CAD$150 million (£89M) payable in cash upon completion, subject to customary net debt and working capital adjustments.
Motion Metrics develops AI and 3D rugged machine vision tech used in mines worldwide. Its tech helps miners increase the safety, efficiency, and sustainability of their operations. As part of the agreement, Motion Metrics’ Vancouver headquarters will become Weir’s global centre for excellence in AI and machine vision technology.
Motion Metrics was founded in 1999 by Dr. Shahram Tafazoli. In addition to its headquarters in Vancouver, Canada, Motion Metrics has offices in Chile, Australia, Brazil, Russia and South Africa.
Motion Metrics, which so far has generated revenues of CAD$15 million (£9M) in 2021, has approximately 125 people focused on research and development, alongside sales and field support. Post-acquisition, Dr. Tafazoli will continue to lead the business overseeing the new Weir centre for excellence in AI and machine vision technology. Weir’s total existing Canadian operations employ 600 people and include manufacturing facilities as well as sales and service centres.
The acquisition is expected to complete in the fourth quarter of 2021.
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