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Valmont Industries has entered into a definitive agreement to acquire Prospera Technologies Inc. The transaction, valued at approximately $300 million, is expected to close in the second quarter of 2021.
Valmont is a global provider of engineered products and services for infrastructure and irrigation equipment. Prospera is a privately held Israeli-based artificial intelligence company, focused on machine learning and computer vision in agriculture.
Building on accomplishments
Since 2019, Valmont and Prospera have integrated AI technologies with center pivot irrigation to develop real-time crop analysis and anomaly detection solutions. The partnership is monitoring five million acres in 2020 – the original estimate was one million acres – and twice as many growers are using the service compared to 2019. Grower adoption is expected to double in 2021.
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Prospera s technology helps keep tabs on crops (Courtesy)
Valmont Industries, Inc., a US maker of irrigation and infrastructure equipment, said Wednesday it has entered an accord to buy Israel’s Prospera Technologies, a maker of artificial intelligence-based sensors and cameras for monitoring crops, for $300 million.
The acquisition is the culmination of a two-year strategic partnership set up between the companies in 2019. The merging of the firms will create the “largest global, vertically-integrated artificial intelligence (AI) company in agriculture,” the companies said in a statement.
With in-field cameras and climatic sensors, Prospera allows farmers to accurately remote-manage their fields with real-time analysis on what is happening to their crops leaf by leaf and on a multi-field, multi-crop basis. This access allows them to tackle critical issues of underperforming fields caused by pests, disease, irrigation, nutrient deficiencies and sub-optimal agro-technical a