South West Ag Partners to sell Veritas Farm Management to Deveron UAS
A deal has been struck to sell a Chatham company to Deveron UAS (Deveron), for cash and stock. Veritas Farm Management, a subsidiary of South West Ag Partners is being sold for $320,000 in cash and 3,750,000 shares of Deveron. The combination of the resulting entity will create a leading data analytics company providing North American farmers with access to data driven insights as well as access to Deveron’s leading drone data network.
Veritas is a data analytics company which provides recurring data consulting and precision agriculture services to large enterprises and large-scale farmers. Veritas had unaudited reported revenue of $1,140,845 in 2017, $1,051,262 in 2016 and $779,797 in 2015. The acquisition is expected to close in Q3 2018.
“Data, analytics and insights have always been the driving factors of our vision in building Deveron as a leading drone data company in North America,” commented Deveron’s President & CEO, David MacMillan. “Veritas has built an insights business deeply rooted in understanding the needs of farmers and what can be implemented on the farm today. We look forward to growing our mutual customer base by providing complementary product offerings that are all rooted in increasing yields and reducing costs.”
“Veritas was born out of the need for better management tools for Ontario farmers. Drone imagery has become one of the tools that allows for better management decisions. This partnership will enable Veritas to continue to develop and deliver measurable solutions to our current and growing geographical footprint of customers, in a way that is easy for farmers to implement. Veritas Farm Management has been able to position itself within the Ontario market in a way that is both strategic and unique. This new relationship with Deveron will only enhance our ability to execute for our customers,” says Aaron Breimer, Business Manager of Veritas Farm Management.
“South West Ag Partners and Veritas Farm Management have enjoyed a very beneficial partnership with Deveron UAS for several years. South West Ag Partners constantly focuses on operating its businesses in the most efficient and customer-oriented fashion. The discussions that lead to this transaction with Deveron are consistent with this focus,” says Paul Hazzard, General Manager for South West Ag Partners.
On completion of the transaction, South West Ag will own 9.9% of Deveron shares.