Monsanto eyes growing agriculture-focused information technology market
The biotechnology giant announced the $930 million acquisition of agriculture climate forecaster Climate Corporation.
Monsanto announced it will purchase Climate Corporation, a company that uses weather forecasting and data analysis to help farmers plan growing seasons, for $930 million in cash. Analysts see Monsanto making a push into the agriculture-focused information technology business as a natural companion to its agriculture biotechnology business.
"Looking into the future, growers will need every available tool to produce more yield on the same acre," said CEO Hugh Grant, during a call with analysts. "Strategically, we believe we're putting the best in class analytical capability on the largest global agricultural footprint."