Spencer, IA: Monsanto has agreed to buy farm-analytics firm Climate Corp. for about $930 million. The purchase of closely-held Climate Corp. will enable Monsanto to sell farmers a wider range of tools, including weather statistics and agronomic data.
San Francisco-based Climate was founded in 2006 by software engineers and data scientists who had worked at Google and other Silicon Valley companies. Climate’s products include “hyper-local” weather monitoring and high-resolution weather simulations to help farmers make decisions.
Buying Climate Corps will help Monsanto expand its Integrated Farming Systems business, which provides farmers with computerized tools and data. Monsanto made a big move in that direction last year by buying Precision Planting Inc.
Monsanto announced its purchase as it reported 4th-quarter losses that exceeded analysts’ expectations. For the quarter ended August 31st, Monsanto reported a loss of $249 million. Typically, the 4th quarter is Monsanto’s weakest in terms of profit, but the losses were greater than expected.