NZ company buys Tassie soil mapper
A New Zealand ag-tech company specialising in remote sensors has made its maiden move on the Australian market, buying Tasmanian soil mapper Ag Logic for $320,000 in cash and shares.
CropLogic, which listed on the ASX last year, clinched the deal earlier this month, stating it would first focus on improving yields in the Tasmanian potato-farming industry.
Its technology uses high-tech probes collect data on soil moisture, below-ground temperatures and rainfall with the aim of providing agronomic advice and improving crop yields.
CropLogic managing director Jamie Cairns said the Tasmanian landscape drew strong similarities to the company’s existing project at Columbia Basin in Washington State in the US.
“Tasmania is known for its precision agriculture and its high agricultural production,” he said.
The company plans to launch its first app this month, designed to identify precise problems with a crop and relay the solutions farmers need to save them.
The deal to buy Ag Servies involves a combination of cash and scrip paid during a three-year period upon performance milestones being met, potentially amounting to $320,000.
Get the latest news from thewest.com.au in your inbox.
Sign up for our emails