Steady investment by miners in productivity, automation, decarbonisation and asset optimisation measures is driving solid demand for specialised services and technology providers, supporting a positive outlook “across the METS ecosystem”, according to InterFinancial.
The Brisbane, Australia, based investment firm said inbound M&A interest in mining equipment, technology and services companies was accelerating.
“We are seeing a notable increase in approaches from local and international trade buyers, including from Europe, North America and Asia, seeking Australian capability and client exposure,” InterFinancial said.
“In parallel, more Australian private equity firms are actively targeting the sector, attracted by its recurring revenue characteristics, strong management teams and exposure to structural growth themes linked to electrification and sustainability.
“Our METS clients are reporting a strong uptick in performance over the past 12–18 months, with expanding order books, improving utilisation and strengthening margins.”
InterFinancial said recent financial results for the first half of FY2026 reported by companies such as NRW Holdings, Mader Group and Mineral Resources’ large mining services arm highlighted “robust demand for specialist services, maintenance and lifecycle support across mining operations”.
On the M&A front, deals such as Caterpillar’s A$1.1 billion buyout of Australian mining software company RPMGlobal, US private equity group’s reported $150 million acquisition of Dingo Software and CIMIC unit Sedgman’s earlier purchase of Prudentia Engineering highlighted the “continued strategic value placed on specialist capability, proprietary technology and diversified client bases”.
“Consolidation remains a key theme as buyers seek scale, cross-selling opportunities and enhanced service offerings,” InterFinancial said.
InterFinancial’s Luke Harwood and Aisling Hennessy said Caterpillar’s RPMGlobal acquisition underlined the growing value investors placed on recurring-revenue technology platforms. “It also highlights a valuation re-rating within the industrial sector, where software capability, scalability and recurring revenue quality increasingly determine strategic value,” they said. “For investors and founders in adjacent sectors, such as asset management, geospatial, or industrial-automation software, the transaction sets a new benchmark for valuation and strategic appetite.”
Harwood and Hennessy said the transaction pointed to a broader consolidation trend in mining technology as strategic buyers sought to “internalise digital capabilities” instead of simply relying on partnerships.
“InterFinancial observes that scale, scarcity, strategic fit and the quality of recurring revenue are the key factors driving current premium valuations,” they said.
“At an ARR multiple of roughly 16x, the transaction underscores how strategic buyers are willing to pay for digital capability that creates differentiation and customer stickiness.
“As global capital continues to flow into vertical-specific enterprise software, understanding how these dynamics influence positioning and timing will be critical for private owners considering strategic options.”
