Deveron acquires Agronomic Solutions, LLC

09.09.2021

Deveron Corp., an agriculture digital services and insights provider in North America, entered into a definitive agreement to acquire the assets of Agronomic Solutions, LLC, a digital agronomy company, that services Iowa, Nebraska, Missouri, Minnesota, Illinois and Kansas.

Agronomic Solutions provides soil sampling services and digital management across 400,000 acres of customers annually. Agronomic Solutions' unaudited 2020 revenue was USD$1.54 million and EBITDA of $430,000. 

“Deveron's end-to-end soil health solutions and turn-key insights offer agribusinesses the opportunity to drive value through increasing yields while reducing cost,” noted Brandy Hodges, an original founder of Agronomic Solutions. “We are excited to utilize these tools to facilitate accelerated growth as Agronomic Solutions continues to expand in our territory."
 
David MacMillan, Deveron's president and CEO, said adding Agronomic Solutions to Deveron's growing footprint is “an integral step towards our vision of being North America's leader in soil health data and insights. We look forward to working with Brandy, Nick and the rest of the Agronomic Solutions team to leverage Deveron's end-to-end soil health solutions to increase their influence across Mid-Western United States."
 
As consideration for the acquisition, Deveron has agreed to pay Agronomic Solutions an initial cash payment of $425,000 upon signing of the definitive agreement and an aggregate of $425,000 on each of the first two anniversaries of the signing of the definitive agreement; and issue such number of common shares in the capital of the company equal to $141,667 at a price of $0.68 per common share upon receipt of the approval of the TSX Venture Exchange and an additional number of common shares equal to $141,667 at a price of $0.68 per common share on each of the first two anniversaries of the signing of the definitive agreement. The completion of the transaction remains subject to all regulatory and other approvals, including the approval of the TSX Venture Exchange.
 
Agronomic Solutions is a company that specializes in all types of precision ag services, working with co-ops, retailers, seed businesses, growers, landowners and farm managers, providing them with support and assistance. Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes.
 
 
 
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