Update on AgJunction’s acquisition of Novariant
Aug. 20, 2015
On August 14, 2015, AgJunction filed to SEDAR financial results for the second quarter ended June 30, 2015. All currency amounts are expressed in U.S. dollars.
In a press release dated March 16, 2015, AgJunction Inc. and Novariant, Inc. announced that they had entered into an agreement under which AgJunction would acquire Novariant through a merger transaction. Complete details of the terms of the transaction are set out in the agreement filed by AgJunction under its profile on SEDAR on March 26, 2015.
Novariant is a premier provider of advanced steering solutions for precision agriculture. Based in Silicon Valley, Novariant's steering solutions are used today in over 60 countries.
With approximately 55 employees worldwide, Novariant generated revenues of approximately $30 million in 2014. Combined, the two companies establish a pre-eminent position in automated steering and machine control technologies worldwide, combining product portfolios, OEM customers, and leveraging industry-leading intellectual property.
As global machine manufacturers increasingly target the integration of auto-steer technologies at the factory level, the combined company will bring advanced levels of machine automation to both current and future OEM clients faster and at lower cost.
Upon closing of the transaction, the combined company will have approximately 200 employees worldwide. The combined company plans to maintain offices in California, Kansas, Arizona, Canada and Australia. The transaction also brings changes at the board and management level as outlined in the March 16, 2015 announcement.
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