Valmont Industries has agreed to acquire Prospera Technologies Inc., an Israeli-based artificial intelligence company focused on machine learning and connected vehicles in agriculture. The transaction will close in the second quarter.
Since 2019, Valmont and Prospera have integrated AI technologies with center pivot irrigation to develop real-time crop analysis and anomaly detection solutions. The partnership has expanded its intelligent solutions, monitoring 5 million acres in 2020, although it expected to monitor 1 million. Twice as many growers used the service in 2020 compared to 2019. Grower adoption is expected to double again in 2021.
The announcement said the transaction will create the largest global, vertically-integrated AI company in agriculture. It also said Prospera’s senior leadership team and 90 colleagues will continue with the business post-close.
Senior leaders are headquartered in Austin. A research-and-development center is based in Tel Aviv.
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