Australasia’s leading technology-focused private equity firm, Potentia Capital, has taken a large stake in Micromine, as the software solution provider looks to move into a new growth phase.
As part of the deal, Alan Broome AM and Claire Tuder will remain on the board, with Tuder also continuing as Chief Executive Officer. Andrew Gray and Michael McNamara from Potentia Capital will also join the board, while the Advisory Board of John McGagh and Mitch Hooke AM will remain in place.
Even after the deal, the founding Tuder family will maintain significant ownership of the company, Micromine said.
Claire Tuder said: “Micromine is entering a new growth phase so we were seeking a partner to assist us reach our goals whilst respecting our values. Potentia has a strong track-record helping companies like Micromine and I liked their partnership approach.”
Micromine was founded 32 years ago by Graeme Tuder. It provides geological exploration, data management, resources estimation, 3D mine design, planning and production control solutions to the global resources industry from junior explorers to Tier One miners including Newmont, Newcrest, OZ Minerals, MMG and Rio Tinto.
“The company remains at the forefront of innovation with deep machine learning, mixed reality and automation projects underway,” Micromine says.
Potential Capital is a Sydney-headquartered private equity investment firm focused exclusively on technology, tech-enabled services and software businesses. The team is one of the most experienced in the Australian private equity market, Micromine says, having collectively deployed over A$2 billion ($1.44 billion) of capital across more than 10 investments in the technology sector globally.
Andrew Gray, Managing Director at Potentia Capital, said: “I look forward to working with the Micromine team to achieve its vision and to further demonstrate Potentia’s commitment to supporting innovative Australian technology businesses.”
Michael McNamara, Investment Director at Potentia Capital, said through the company’s due diligence, “we have been impressed by Micromine’s track record of innovation, world-class mining software and loyal customer base.”