Agco is continuing its agtech buy-up with a recent acquisition of a German software company.
The move follows the recent announcement from the company of a US$2 billion deal to acquire Trimble.
"Our joint venture with Trimble is the largest in our company's history and the biggest agtech deal ever, and we aren't slowing down," Agco's chairman, president and chief executive officer Eric Hansotia said.
"In addition to having a full-line of autonomous solutions for every stage of the crop cycle by 2030, our transformation commitment continues via acquisitions and early-stage tech investments that keep farmers at the heart of all we do and providing them the latest in smart farming solutions."
Agco has now signed an agreement to acquire digital assets from FarmFacts GmbH, a leader in farm management information software, located in Pfarrkirchen, Germany.
FarmFacts specialises in software for farmers and service providers to generate field action plans from prescription maps to guidance line creation. FarmFacts' products include the NEXT Farming AG Office application and the NEXT Farming Live data platform, offering customised solutions that include documentation, fertiliser requirements for site-specific management and connections to all the major farm equipment terminals.
The acquisition increases Agco's farm management information software offering and software development capabilities to serve farmers' data management needs.
"The purchase of FarmFacts' digital operations is a strategic addition to our precision agriculture capabilities," Agco senior vice president and general manager, precision ag and digital Seth Crawford said.
Terms of the transaction will not be disclosed.
Building on Agco's legacy of equity investments in early-stage technologies, the company is launching Agco Ventures.
The initiative formalises Agco's approach to sourcing and funding new and early-stage technologies, to deliver on the company's strategic priorities and to drive innovation by investing in start-up companies, venture funds, incubators, accelerators, higher education and research institutions.
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