Valmont to Acquire Prospera Technologies, Global Leader in Agricultural Artificial Intelligence & Machine Learning
Summary
Since 2019, Valmont and Prospera have successfully 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. Building on the successful partnership with Prospera, we are accelerating our commitment to provide services that enhance the lives of our customers and the communities in which they operate, as well as finding new ways to achieve higher crop yields using less – land, water, chemicals, fertilizers, fuel and time,” said Valmont President and Chief Executive Officer Stephen G. Kaniewski. 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. Valmont will invest approximately $300 million to fully acquire Prospera and the transaction will be financed through a combination of funds from available cash and the Company’s revolving credit facility.