Ag Tech News
CropLogic Enters into Australian AgTech Market
CropLogic Limited (ASX:CLI) is pleased to announce that it has entered into a Share Sale Agreement (Acquisition) for its first strategic ‘beachhead’ acquisition in Australia of agronomy services company, Ag Logic Pty Ltd (Ag Logic), based in a key Australian potato growing state, Tasmania. Completion of the Share Sale Agreement is subject to several conditions including successful completion of due diligence.
Ag Logic is highly regarded and well-known in the Tasmanian agricultural services industry, has significant growth potential in the Tasmanian market, and its expertise and knowledge will allow CropLogic to further enhance its technology platform.
Leveraging Ag Logic’s respected reputation and current consumer-base in Tasmania, this Acquisition will give CropLogic "feet on the ground" within Australia and allow the Company to develop a platform that will open the door for the development and support of commercial channels throughout Australia.
This strategic acquisition will provide CropLogic with a base for Research and Development (R&D) and capitalise upon the ongoing development that is an inherent part of the operation of both entities.
This acquisition is further execution of CropLogic’s market entry through strategic acquisition strategy:
| Criteria | Tasmania, Australia | Washington State, USA |
| Nationally – a key potato state | Yes | Yes |
| Nationally – highest yielding state | Yes | Yes |
| Yield percentage (as compared to nationalaverage) | 131% | 145% |
| Strong presence of Big Ag, major processors (with potential for commercial collaboration) | Yes | Yes |
| Gateway state to further national growth | Yes | Yes |
