SAN FRANCISCO (Feb. 20, 2014) – The Climate Corporation announced today the acquisition of the soil analysis business line of Solum, Inc., an agriculture technology company. The acquisition of Solum's industry-leading soil analysis service underscores The Climate Corporation's commitment to using data science to help farmers identify ways they can continue to optimize crop yields and use resources more efficiently.
David Friedberg, CEO of The Climate Corporation, emphasized the importance of precision soil analysis in order to produce the most effective advisory services for farmers. "Each season, farmers face a wide range of soil-related decisions that can help them improve the productivity of the finite land they farm. High quality, consistent soil analysis will ensure farmers, agronomists and ag retailers can offer and access improved decision support resources to increase on-farm efficiency. Essentially, with more accurate and consistent data inputs, the insights and recommendations we provide for farmers can be more precisely customized to their fields, helping them make better decisions for their farms," said Friedberg.
The asset acquisition by Monsanto, The Climate Corporation's parent company, includes the Solum brand, soil testing intellectual property, the soil test lab in Ames, Iowa, and Solum's No-Wait Nitrate™ platform. The Ames lab will continue to provide its highly accurate and reliable mail-in sample service to help customers measure and manage their soil fertility. The Climate Corporation will continue to operate Solum's No-Wait Nitrate™ platform, which offers real-time measurement of soil nitrate levels from the edge of the field. The Climate Corporation has extended job offers to all Solum employees working in their soil testing business. Solum's software business line will remain independent under its new brand, Granular, Inc.
"We're pleased to become a part of The Climate Corporation team and see this as a tremendous opportunity to provide a new level of accurate soil information that will ultimately help stakeholders across agriculture use resources more efficiently," said Nick Koshnick, co-founder of Solum, who will lead the continued development of the Solum technology as part of The Climate Corporation. "We look forward to continuing our work with agricultural retailers and agronomists and to building new working relationships with Monsanto's channel partners to help them provide a complete soil testing solution that gives farmers the information they need to focus their input dollars where they will generate the highest yield and return," Koshnick added.
Soil composition and fertility is the foundation of agricultural production, and understanding soil variability and nutrient profiles is essential to making effective precision agriculture decisions. Tailoring inputs to optimize soil productivity ultimately helps farmers improve their overall productivity and increase yields. "The technology The Climate Corporation is gaining in this acquisition, as well as the research and development we currently have underway, will continue to improve our ability to deliver better insights and recommendations to farmers," said Friedberg.
Additional details of the agreement were not disclosed.
The Climate Corporation aims to help farmers around the world protect and improve their farming operations with uniquely powerful software, hardware and insurance products. The company's proprietary Climate Technology Platform™ combines hyper-local weather monitoring, agronomic modeling, and high-resolution weather simulations to deliver a suite of tools that help farmers manage risk through precision agriculture products and services, including: precision farming equipment and software, prescriptive agriculture technologies, and insurance products. The company's Climate Basic™ and Climate Pro™, mobile SaaS solutions help farmers improve profitability by making better informed operating decisions. The company also offers a suite of full-stack risk management solutions through Total Weather Insurance, an insurance offering that pays farmers automatically for bad weather that may impact their profits, and serves as an authorized provider of the U.S. Federal crop insurance program. In the face of increasingly volatile weather, the global $3 trillion agriculture industry depends on the company's unique technologies to help stabilize and improve profits and, ultimately, help feed the world. For more information, please visit www.climate.com or follow the company on Twitter @climatecorp.
Granular is a vertical SaaS company serving the $3 trillion agriculture industry. The company is developing a cloud-based business software application to support the production and accounting workflow on large farms. Granular is headquartered in San Francisco and is backed by premier Silicon Valley investors Andreessen Horowitz, Google Ventures, and Khosla Ventures. For more information, please visit www.granular.ag.