RPMGlobal Acquired by Caterpillar in $1 Billion Deal as ASX Exit Confirmed

About RPMGlobal Holdings Ltd

RPMGlobal (ASX:RUL) Holdings Limited is an Australian-founded global provider of software and advisory solutions to the mining industry. Listed on the ASX since 2008, RPMGlobal has spent nearly five decades developing technology that supports mining companies across the entire asset lifecycle, from exploration and mine planning through to operations, maintenance and closure.

Headquartered in Brisbane, RPMGlobal’s software is used by mining operators in more than 125 countries and is regarded as mission-critical infrastructure for planning, optimisation, sustainability and safety. The company has built a strong reputation for deep domain expertise, long-term client relationships and recurring software revenue streams.

Transaction Overview and Court Approval

RPMGlobal confirmed that the proposed acquisition by Revolution HoldCo Pty Ltd, a wholly owned subsidiary of Caterpillar Inc, has become legally effective following approval by the Federal Court of Australia. The court orders approving the scheme of arrangement were lodged with the Australian Securities and Investments Commission, formally satisfying the final regulatory requirements for the transaction.

Under the scheme, eligible RPM shareholders will receive A$5.00 in cash for each share held, with payment scheduled for 18 February 2026. Trading in RPM shares was suspended from close of business once the scheme became effective, marking the company’s exit from the public market.

The transaction delivers a significant premium to RPMGlobal’s historical trading range and represents a major liquidity event for shareholders, including long-standing investors and the company’s founder.

Strategic Rationale for Caterpillar

For Caterpillar, the acquisition of RPMGlobal strengthens its push into software, analytics and digital decision-making tools for the mining sector. As global mining customers increasingly prioritise productivity, automation and decarbonisation, software has become a critical complement to Caterpillar’s traditional strengths in heavy equipment and services.

RPMGlobal’s planning, scheduling, simulation and asset-management tools integrate directly with operational decision-making, allowing Caterpillar to embed its technology deeper into customers’ mine sites. The acquisition supports Caterpillar’s broader strategy of expanding higher-margin, recurring digital revenue streams while reinforcing customer relationships across the full mining value chain.

Management commentary at the time of the announcement highlighted RPMGlobal’s strong customer base, recurring revenue profile and deep integration into mining workflows as key drivers of the transaction.

Significance for RPMGlobal and Its Founder

For RPMGlobal, the acquisition represents both validation of its long-term strategy and a culmination of decades of software development and industry engagement. The transaction delivers a substantial cash return to shareholders and crystallises value in a period where global mining software has attracted increasing interest from large industrial and technology players.

The deal also delivers a meaningful outcome for RPMGlobal’s founder, who built the business from a niche advisory and software provider into a globally recognised technology platform. While RPMGlobal operated with a relatively low public profile compared with larger listed peers, the Caterpillar transaction underscores the strategic importance of its technology and intellectual property.

Transition to Private Ownership

Following implementation of the scheme, RPMGlobal will operate as a wholly owned subsidiary within Caterpillar’s global organisation. While detailed integration plans have not been publicly disclosed, Caterpillar has indicated that RPMGlobal’s software development capabilities and domain expertise will remain central to its digital strategy.

Operating within a larger global group provides RPMGlobal with access to capital, scale and a broader customer network, potentially accelerating product development and international deployment. For customers, the acquisition is expected to enhance product continuity and long-term investment in RPMGlobal’s software suite.

Industry Context: Consolidation and Digital Mining

The acquisition of RPMGlobal reflects a broader trend toward consolidation in mining technology and software. As mining operations become increasingly data-driven, large equipment manufacturers, automation providers and technology firms are seeking to control more of the digital stack that underpins operational performance.

Software platforms that support planning, optimisation, energy efficiency and emissions reduction are viewed as strategic assets, particularly as miners pursue productivity gains while navigating cost inflation, labour shortages and decarbonisation targets.

Against this backdrop, Caterpillar’s move to acquire RPMGlobal positions it alongside peers that are building integrated hardware-software ecosystems to support long-term customer value creation.

Implications for Shareholders and the ASX

RPMGlobal’s exit from the ASX removes a high-quality, niche software provider from the local market, highlighting ongoing challenges for Australian investors seeking exposure to globally scalable technology companies. At the same time, the transaction demonstrates that Australian-founded technology businesses with strong IP and global relevance can attract significant offshore interest and premium valuations.

For shareholders, the A$5.00 per share consideration represents a clean cash outcome with execution risk largely removed following court and regulatory approval.

Outlook

With the scheme now effective and implementation imminent, RPMGlobal enters its next phase as part of Caterpillar’s global technology portfolio. While no longer a listed entity, the company’s software and expertise are expected to play an increasingly important role in shaping the future of digital mining.

For Caterpillar, the acquisition deepens its exposure to software-enabled mining solutions and recurring revenue, while for RPMGlobal, it provides scale, stability and access to one of the largest industrial customer bases in the world.