AGCO advances in smart farming with strategic acquisitions and new venture platform
AGCO Corporation, a global frontrunner in agricultural machinery and precision agriculture technology, is making significant strides in its technology transformation. Following the establishment of a groundbreaking Joint Venture (JV) with Trimble, AGCO is now expanding its tech capabilities with key acquisitions and the launch of AGCO Ventures.
Eric Hansotia, Chairman, President, and CEO of AGCO, expressed the company’s ambitious goals, including a full line of autonomous solutions for all crop cycle stages by 2030. “Our JV with Trimble is a historic move, marking the biggest ag tech deal ever. We are committed to continuous transformation through acquisitions and early-stage tech investments, keeping farmers and smart farming solutions at the forefront,” Hansotia said.
On November 11, 2023, AGCO agreed to acquire digital assets from FarmFacts GmbH, a subsidiary of BayWa AG group and a leader in Farm Management Information Software (FMIS). FarmFacts, based in Pfarrkirchen, Germany, excels in software solutions for farmers and service providers, including the NEXT Farming AG Office application and NEXT Farming Live data platform. These products offer customized solutions for documentation, fertilizer requirements, and connections to major farm equipment terminals. This acquisition enhances AGCO’s FMIS offerings and software development capabilities, specifically catering to European farmers’ data management needs.
Seth Crawford, Senior Vice President and General Manager, Precision Ag & Digital at AGCO, emphasized the strategic importance of this acquisition, noting FarmFacts’ role in driving productivity and efficiency through data management solutions.
BayWa AG Board Member Dr. Marlen Wienert shared that BayWa’s decision to sell FarmFacts to AGCO is aimed at further developing these applications under AGCO’s expertise, focusing on performance, productivity, and security.
Furthering its commitment to innovation, AGCO is launching AGCO Ventures, an initiative dedicated to funding new and early-stage technologies. AGCO Ventures will focus on information management and analytics, ag technology, environmental and alternative fuel sources, and the future of farming. This venture aims to drive innovation by investing in start-up companies, venture funds, incubators, accelerators, higher education, and research institutions.