BOULDER — Agribotix LLC, a Boulder-based drone-enabled software company, soon will have a new owner. AgEagle Aerial Systems Inc. (NYSE: UAVS), based in Neodesha, Kan., has signed an agreement to acquire substantially all of the assets of Agribotix, the companies announced.
AgEagle provides drone imagery data analytics for the precision and sustainable agriculture markets.
Terms of the agreement, which is scheduled to close by Aug. 31, were not disclosed.
AgEagle plans to integrate Agribotix’s FarmLens data-analytics platform within AgEagle’s service offerings, providing the agricultural supply chain with advanced analytic capabilities to identify areas where they can build soil health and reduce water or chemical usage. The FarmLens software uses data captured through remotely sensed imagery to develop crop reports for customers. These reports provide the customer with the high-resolution data needed to monitor crop health and track performance, which we believe increases crop yield and ensures the most sustainable practices are being used.
Through the FarmLens platform, Agribotix has processed more than 1.3 million acres of crops to create nearly 11,000 reports. The company has analyzed data from more than 50 countries, examining 53 different crop types. The FarmLens platform can also directly integrate with several farm management systems, enabling users to maintain their current technology environment while enhancing the measurement of precision and sustainability metrics.
“The agreement to acquire Agribotix is a significant milestone for AgEagle as we look to expand our imagery and data analytic offerings,” Barrett Mooney, AgEagle CEO, said in a prepared statement. “As we focus on our recently announced sustainability initiatives, we believe the FarmLens platform will provide our customers with the necessary insight to manage and support major food manufacturers’ and their contract farms’ sustainability goals before, during and after the cyclical growing season.
“We also look forward to building on the various relationships that Agribotix has developed in the agriculture community,” Mooney added. “As the industry shifts to sustainable farming practices that focus on reducing water and chemical usage, we believe expanding these relationships with major agriculture companies should provide substantial growth opportunities.”
Mooney, in emailed responses to questions from BizWest, said the company will increase staffing in Boulder, though he did not say at what staffing level.
“The Boulder office will be growing, and I can’t give you a head count at this time, but we are planning to bring on more team members in the Boulder office,” he said.
“We are looking forward to leveraging the experience and expertise of the Agribotix team,” Mooney said. “There are tremendous synergies in bringing these two companies together. We will maintain operations in Boulder, and yes we will be keeping Agribotix team members on to help propel the company forward.
Mooney said the Agribotix brand will continue as “Agribotix, an AgEagle company.”
Agribotix founder Tom McKinnon said, “Agribotix is delighted to become a part of the AgEagle organization. With sustainability becoming a central focus in the agricultural industry, I believe our platform provides the necessary insight for farmers to sustainably manage their crops. I also believe the combination of Agribotix’s FarmLens analytics platform, together with AgEagle’s UAV offerings, creates a unique aerial imagery and data analytics provider in the sustainable and precision agriculture markets.”
Agribotix was named to the Colorado Office of Economic Development and International Trade “Companies to Watch” list in 2016.
Editor’s note: This article has been updated to include additional information from AgEagle.