AgJunction Inc. announced it has agreed to acquire Novariant, a provider of advanced steering solutions for precision agriculture. Combined, the two companies establish a preeminent position in automated steering and machine control technologies worldwide, combining product portfolios and leveraging industry-leading intellectual property.
According to AgJunction, this acquisition will bring advanced levels of machine automation to both current and future OEM clients faster and at a lower cost.
Completion of the transaction is expected during the summer of 2015 and is subject to a number of conditions. Upon closing of the transaction, the new AgJunction will have approximately 200 employees worldwide and will be headquartered at Novariant's corporate headquarters in Silicon Valley. It plans to maintain additional offices in Kansas, Arizona, Pennsylvania, Canada and Australia.
Dave Vaughn, CEO of Novariant, will be appointed CEO of the combined company, with current AgJunction CEO Rick Heiniger serving as senior advisor to the CEO. Wes Dittmer will continue to serve as the combined company's CFO.