Valmont to acquire Prospera Technologies

19-05 | |
Photo: Canva
Photo: Canva

Since 2019, Valmont and Prospera have integrated AI technologies with center pivot irrigation to develop real-time crop analysis and anomaly detection solution.

Valmont Industries, a global 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. Prospera is 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.

Real-time crop analysis and anomaly detection solutions

Since 2019, Valmont and Prospera have integrated AI technologies with center 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, according to Valmont. Grower adoption is expected to double in 2021 with greater acceleration in the near-term.

Pivot as the digital data hub

The transaction is to 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 is to bring 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 is to 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.

Claver
Hugo Claver Web editor for Future Farming