Ag Growth International (AGI) has reached a deal to acquire all the outstanding shares of Farmobile, Inc., after buying a minority stake in the Kansas-based farm equipment data company in 2019.
Financial terms of the deal have not been disclosed.
Farmobile provides farms with hardware and software for real-time collection and analysis of farm machinery data, enabled by the Farmobile PUC, which plugs into farm equipment to collect and share machine operating information.
“Farmobile is a fantastic addition to the AGI SureTrack platform and brings the market leading, two-way, field data management device along with a robust platform for data standardization and management,” says Tim Close, president and CEO of AGI.
The acquisition builds on AGI’s portfolio of internet-of-things (IoT) products and “moves AGI into the middle of the data verification space required by the rapidly developing carbon and traceability markets,” says Close.
Farmobile’s technology will also allow AGI to “rapidly advance” its SureTrack farm management system, which features IoT technology for grain storage and conditioning.
Earlier this month, Farmobile received a U.S. patent for its cloud-based farming data collection and exchange system. The company says this technology will allow for real-time sharing and monetizing of data related to field activities, such as “how much seed, fertilizer, water and pesticide were used on a particular field; how often the field was treated with a particular chemical; which parts of the field were left untreated; the weather conditions during the farming operation; the equipment used to perform the farming operation; the equipment settings activated and/or deactivated during the farming operation; and which field was treated during the farming operation.”
“This latest patent is similar to a patent we have in Canada,” said Farmobile CEO Jason Tatge, in a statement issued April 1. “When we’re able to leverage high-integrity data as a system-of-record, we not only empower our customers to make better decisions, we help them find additional revenue-generating opportunities with those data sets. For example, as carbon credits become more of a regulatory focus, our customers will be able to use these interoperable data sets to recoup costs based on the sustainability of their operations.”
Based at Winnipeg, Manitoba, AGI has manufacturing facilities in Canada, the United States, the United Kingdom, Brazil, India, France, and Italy, selling products for handling seed, fertilizer, grain, feed, and food processing systems.