Scotland’s Weir Group has wrapped up its purchase of Vancouver-based Motion Metrics for an upfront £89 million (US$118m).
The London-listed Weir announced the deal last month.
It will pay up to a further £59m at the end of 2024 subject to certain undisclosed revenue and profit markers being hit.
Weir has described Motion Metrics as “the market leading developer of innovative artificial intelligence and 3D rugged machine vision technology used in mines worldwide”. Motion Metrics says its “mature technology is trusted by more than 80 large openpit mines across six continents and our algorithms have processed more than 40 billion images from the harshest operating conditions around the world”.
Weir Group CEO Jon Stanton said the combination of Motion Metrics and Weir aimed to “play a leading role in making mining smarter, more efficient and more sustainable”.
“I am excited by the opportunities this acquisition brings to drive growth and accelerate our journey to include data and insight as a core offering to our customers.”
Weir’s shares were up 2.5% Wednesday at £17.09, capitalising the company at £4.44 billion.