BC Business
The deal will see the company keep a heavy presence in Vancouver.
Scottish multinational engineering firm Weir Group has acquired an innovative Vancouver-based company, according to a release.
Weir Group today announced the purchase of mining technology company Motion Metrics (based out of UBC, with other offices in Australia, Brazil, Chile, Russia and South Africa) for £89 million—the equivalent of close to $150 million.
Motion Metrics is a market leading developer of artificial intelligence and 3D technology used in mines worldwide. The company helps miners to increase the safety, efficiency and sustainability of their operations. As part of the agreement, its Vancouver headquarters will reportedly become Weir’s global centre for excellence in AI and machine vision technology.
Motion Metrics, founded in 1999 by adjunct UBC professor Dr. Shahram Tafazoli, has been growing rapidly in the past few years, making several “fastest-growing companies” lists. It has about 125 employees.
“The combination of Weir and Motion Metrics will be extremely powerful and reflects our ambition to play a leading role in mining’s technology transformation,” said Weir Group CEO Jon Stanton. “This acquisition is fully aligned with our strategy and our commitment to grow ahead of our markets, expand our margins and significantly reduce our customers’ environmental footprint.”
Tafazoli will stay on to lead the Vancouver operations. “Motion Metrics was established to harness the power of AI and machine vision to help the global mining industry make its essential transition to safer, more productive and sustainable operations,” he said.
“Having proven our technology and grown rapidly over recent years, the time is right for us to accelerate our development as part of the Weir Group, which brings access to every major mining region in the world, from pit to plant.”