Monsanto Buys Climate Crop
By Amanda Brodhagen, Farms.com
The world’s largest agribusiness company – Monsanto announced Wednesday that it bought Climate Corporation. The company’s press release says the deal was $930 million, while investors are saying the actual price is around the $1 billion mark.
In addition to the acquisition announcement, Monsanto also reported a larger-than-expected fourth quarter loss of $249 million, $0.47 per share. Purchasing Climate Corp is part of a strategic move, which will help Monsanto manage risk better.
Climate Corp technology uses machine learning to predict weather for agribusiness purposes. Some of the technology can predict how climate variability affects different crops. Monsanto will now be able to leverage Climate’s full suite of products. A full list of products can be found here. Climate’s cofounders were early Google employees.