Tag Archives: Potentia Capital

MICROMINE deepens mine scheduling expertise with Precision Mining addition

MICROMINE says it has taken its first step on the acquisition trail, signing a deal to purchase Queensland, Australia-based technology company Precision Mining.

The arrangement will give MICROMINE full ownership of Precision Mining, which is best known for its flagship mine scheduling software, Spry.

The acquisition is the first in almost two decades for MICROMINE, which celebrates its 35th anniversary this year.

Spry expands and deepens the mine scheduling segment in the company’s software suite. Spry provides a dig scheduling, dump scheduling and mine haulage software environment that gives complete results in a fraction of the time, according to Precision Mining.

MICROMINE’s current offering covers the entire mining cycle from exploration to production control, with its products currently used at 2,000 sites in 90 countries.

MICROMINE CEO, Andrew Birch, who took the reins at MICROMINE in 2019 after private equity firm Potentia Capital acquired a majority stake, said Spry would continue to operate as a standalone brand but would also be closely integrated with the MICROMINE suite.

“Precision Mining really stood out, not just for the quality of its software but also for the team’s experience and reputation as consultants in mine scheduling and haulage,” Birch said. “We looked worldwide for a company that was best in class and had the potential to scale globally. Finding an Australian company like Precision that is building innovative technology solutions suitable for the global mining market made the acquisition really attractive.”

Birch said MICROMINE’s focus for the past two years has been on accelerating organic growth and ensuring its product, distribution and customer service are “on point” and the company’s product roadmaps and vision are pushing into the next generation of both technology and mining.

“We are now expanding our reach and depth of expertise in a market we know well,” he said. “This is a very synergistic addition to our business and an important part of our growth strategy.”

The Precision Mining team, led by founders Glen Barnes, Craig Morgan and Zim Chan, will continue working in the business, bringing specialist scheduling and mine production expertise to the MICROMINE stable, according to MICROMINE.

Barnes said: “Joining MICROMINE will give us the experience, resources and global distribution network that are critical and together we will grow the business. The company has been growing quickly since 2007, and we reached the point where we need the expertise and support of a global business like MICROMINE to take it to the next level.”

Micromine looks to next phase of mining software growth with private equity deal

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.”