A global leader in industrial software, AspenTech announced that it has entered into a definitive agreement to acquire Micromine, a global leader in design and operational management solutions for the mining industry, for $623 million in cash.

AspenTech said the transaction complements its existing asset optimization solutions and positions the company in a leadership role to deliver the “Digital Mine of the Future,” in support of excellence in operations with a focus on safety, sustainability, reliability, and efficiency. In addition, the company said its experience in digitally transforming the chemicals and oil and gas industries will be critical to the mining industry as it embarks on rapid digitalization.

“Digitalization is critical for the metals and mining industry to become sustainably sound and operationally excellent for generations to come,” said AspenTech President and CEO Antonio Pietri. “AspenTech’s product portfolio and worldwide reach with Micromine’s mission-critical technology and leadership in the mining industry will equip customers with a comprehensive offering and the end-to-end ability to drive efficiencies across the entire mining value chain.”

With a 35-year track record of success and 280 employees across 22 global offices, Micromine products are used at more than 2,000 sites in over 90 countries. The software systems cover the entire mining lifecycle, from geological exploration and data management to resource estimation, 3D mine design, planning, scheduling and production control.