Weir to buy mining software provider Fast2Mine as hails expansion
Weir Group PLC on Tuesday said it entered into a binding deal to buy Fast2 Mine Tecnologia e Desenvolvimento de Sistemas Ltda, a Belo Horizonte, Brazil-based mining software provider.
Weir, a Glasgow-based engineering company, said the planned acquisition has no impact on its full year guidance as of July 31.
Fast2Mine’s platform is offered as a software-as-a-service solution comprising of four modules designed around an interface. It currently services 84 mines in several countries such as Brazil, Chile, Argentina, Mexico, Guyana and Liberia.
Weir said: ‘Fast2Mine’s MMS platform is highly complementary to Weir’s growing software portfolio, joining Micromine’s software suite to provide comprehensive mine management solutions for both open-pit and underground mining operations. The acquisition will accelerate Weir’s strategy to provide leading software solutions to the mining industry.’
Weir Chief Executive Officer Jon Stanton said: ‘The acquisition of Fast2Mine will accelerate our expansion into the South American mining software market, providing a strong and immediate presence in Brazil, home to some of the world’s largest mineral deposits.
Fast2Mine’s software platform is a highly complementary addition to Weir’s mining software suite, including meaningful synergies with Micrormine’s Alastri open pit mine planning solution and adjacency with Micromine’s Pitram underground fleet management solution. We are looking forward to welcoming Fast2Mine to Weir and are excited by the opportunity to further accelerate our vision for digitally enabled mine optimisation.’
Weir shares were 0.9% higher at 2,688.00 pence each on Tuesday afternoon in London.
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