Valmont to acquire Prospera Technologies

05.05.2021

Valmont Industries, Inc., a provider of engineered products and services for infrastructure and irrigation equipment and services for agriculture, has entered into a definitive agreement to acquire Prospera Technologies Inc., a privately-held Israeli-based AI company, focused on ML and CV in agriculture.

The transaction, valued at approximately $300 million, is expected to close in the second quarter of 2021.

According to Valmont, the transaction will create the largest global, vertically-integrated AI company in agriculture, providing a highly differentiated in-season solution. Using the pivot as the digital data hub, this solution brings demonstrated, advanced agronomy and unprecedented visibility to the field, enabling the grower to take immediate action to remediate issues. Leveraging Prospera’s technology and Valmont’s global reach and omnipresence on the field, the combination will create the first commercially available subscription model of its kind, providing innovative and disruptive solutions to help growers lower costs, increase yields, use less land and save time.
 
“Over the past two years we have delivered a widely-adopted, differentiated grower offering and significantly accelerated the deployment of AI technologies on irrigated acres, positioning us well for strong, highly-accretive growth of technology sales over the next several years,” said Stephen G. Kaniewski, Valmont president and chief executive officer.
 
Since 2019, Valmont and Prospera have successfully integrated AI technologies with centre pivot irrigation to develop real-time crop analysis and anomaly detection solutions, resulting in strong adoption and greater returns for the grower. Leveraging Prospera’s technology, the partnership has expanded its intelligent solutions, monitoring five million acres in 2020 against an original estimate of one million, with twice as many growers using the service as compared to 2019. Grower adoption is expected to double in 2021 with greater acceleration in the near-term.
 
According to Daniel Koppel, Prospera co-founder and chief executive officer, the strategic partnership has demonstrated the combined value of Prospera’s capabilities and Valmont’s agricultural expertise and market leadership. “This combination is the fastest way to scale impactful ag-tech solutions,” he noted. “We are excited about the future and the opportunity to continue to further our work to feed an expanding global population through our machine learning technologies that allow growers to make more informed, efficient and scientific decisions.”
 
 
 
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