IFL Ventures advises Precision Mining on its 100% sale to MICROMINE
22.6.2021“Mining A Hidden Gem” – Australian mining tech pioneer MICROMINE acquired Queensland technology company Precision Mining
InterFinancial Corporate Finance Limited would like to congratulate Precision Mining on joining Australian based leading mining technology and software company MICROMINE as the result of a full sale.
Precision Mining is a Queensland-based mining technology company which is best known for its flagship mine scheduling software, Spry. The company was founded in 2007 by experienced engineers who saw an opportunity to offer consulting and software options that merged traditional wisdom and techniques with the raw power, speed and capabilities of modern technology. The business has been growing quickly since then.
MICROMINE is a pioneer in Australia’s software industry and a leading provider of advanced technology for the exploration and mining sector. It celebrated its 35th anniversary this year and has been majority owned by private equity firm Potentia Capital since 2018. The company’s products are used at more than 2,000 sites in over 90 countries.
The CEO of MICROMINE Andrew Birch said “We looked worldwide for a company that was best in class and had the potential to scale globally. 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. We are now expanding our reach and depth of expertise in a market we know well. This is a very synergistic addition to our business and an important part of our growth strategy.”
Spry expands and deepens an important segment in MICROMIN’s software suite, which covers the entire mining cycle from exploration to production control. Spry would continue to operate as a standalone brand but would also be closely integrated with the MICROMINE suite.
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.
“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,” commented Mr Barnes.
InterFinancial Corporate Finance Limited’s specialist tech division IFL Ventures supported the shareholders of Precision Mining as lead advisor in this transaction. The team’s long history and deep experience in mining technology underpins its ability to identify and capture incremental value opportunities for both parties in these transactions.
“When we began the process of selling our business, we had no idea what the process would entail. Our lawyers recommended IFL as commercial advisors to help us navigate through the negotiations and due diligence process. Graeme and Jenny were extremely professional and knowledgeable and an absolute pleasure to work with. They forewarned us with what to expect in each stage and were proactive in dealing with the complexities of the business sale. With their assistance, we were able to achieve a much better outcome than we expected. We would highly recommend IFL to anyone else going through the acquisition process.” Craig Morgan – Co-founder and Mining Planning & Software Manager – Precision Mining
