The Weir Group, a UK-based engineering company, has completed the acquisition of Motion Metrics, a developer of artificial intelligence and machine vision technology for the mining sector.
The company said the deal was completed for £89 million ($120.9 million) and means Motion Metrics will become a part of the Weir Group's ESCO division and lead the digitalisation of its product portfolio.
Jon Stanton, the Weir Group's chief executive officer, said the two companies will combine to "play a leading role in making mining smarter, more efficient and more sustainable."
"I am excited by the opportunities this acquisition brings to drive growth and accelerate our journey to include data and insight as a core offering to our customers," Stanton said.
The acquisition was initially announced in November 2021, when it was said that Motion Metrics' technology would undergo a "rapid globalisation" through the Weir Group's global network.