Caterpillar – RPMGlobal Holdings
MN-01058
View on ACCC websiteStage
Phase 1 - initial assessment
Effective Notification
10/11/2025
End of Determination Period
22/12/2025
Determination Published
18/12/2025 (38 cal / 28 bus. days)
Determination
Acquirers
Caterpillar Inc.
Targets
RPMGLOBAL HOLDINGS LIMITED
ABN: 17 010 672 321
Description
Caterpillar Inc (Caterpillar) proposes to acquire 100% of fully diluted share capital in RPMGlobal Holdings Limited (RPM) (ASX:RUL), through a scheme of arrangement.
Caterpillar is a global manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Caterpillar also supplies a range of different software products which interface with its equipment including MineStar for fleet track, VisionLink and CAT Foresight for asset management.
RPM is a global provider of mining software solutions. RPM’s software solutions are enterprise applications used by mining companies, original equipment manufacturers (OEMs) and contractors, including for asset management, planning and scheduling, short-interval control and execution, simulation, and financial forecasting. RPM also provides associated technical consulting and training services applicable for mine design, planning, scheduling, operational management, asset management, simulation, financial modelling and ESG reporting.
Caterpillar is an end customer of RPM’s asset management and mining simulation tools.
Commentary
Caterpillar's acquisition of mining software provider RPMGlobal was cleared after assessment of vertical integration concerns and was the first acquisition for which the ACCC included a substantive statement of reasons. The ACCC examined whether Caterpillar could access competitively significant information about rivals through RPM's software. The ACCC concluded that:
- Caterpillar is unlikely to foreclose rival mining equipment manufacturers by denying access to RPM's asset management and simulation software;
- alternative software suppliers exist (including SAP, Oracle, Hexagon, Deswik, and others);
- physical and contractual limitations prevent Caterpillar from accessing competitively significant information about rivals, as RPM's software is typically hosted on customer premises; and
- customers would have incentives to accommodate rival OEMs using alternative software if RPM's ongoing use led to lessening of competition.
Updated 19/01/2026
Timeline & Events
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Merger notified to ACCC
10/11/2025