Raven Industries Agrees to Acquire AgSync
December 11 2018 - 4:15PM
Raven Industries, Inc. (NASDAQ:RAVN)
announced today that it has signed an asset purchase agreement to
acquire substantially all of the assets of AgSync, Inc., an ag
logistics software company headquartered in Wakarusa, Ind. The cash
transaction is expected to close on January 1, 2019. The
acquisition will align under the company’s Applied Technology
division, a leading technology provider in the precision
agriculture industry, and greatly enhance its Slingshot® platform
by delivering a seamless logistics solution for ag retailers,
custom applicators and enterprise farms.
“As part of Raven’s continued commitment to ag retailers and
commercial applicators, this acquisition will be a significant
springboard into further advancements for, and the expansion of,
the Slingshot ecosystem,” stated Brian Meyer, Vice President and
General Manager of Raven Applied Technology. “By combining our
strengths, Slingshot will be the most complete logistics solution
on the market, providing seamless data workflow and a
fully-connected cab.”
AgSync, Inc., established in 2008, has developed solutions for
ag retailers, aerial applicators, forestry, seed companies and
enterprise customers to overcome challenges related to managing
large fleets, multiple locations, limited personnel and
disconnected software systems in their operations. As AgSync has
been a Raven Slingshot partner for several years, the acquisition
will further integrate its capabilities into the platform and into
the cabs of various application equipment.
“This acquisition will provide our customers with significant
benefits, especially during the most critical times of the year for
ag retailers and custom applicators,” commented Paul Welbig,
Director of Slingshot Services and Logistics for Raven
Applied Technology. “The combined solution will improve the
bottom-line of our customers by enabling them to organize work
tasks more effectively, improve fleet efficiency, reduce errors and
streamline documentation — all via a completely connected
solution.”
AgSync, Inc. has annual sales of approximately $3 million in the
last twelve months.
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) is dedicated to providing
innovative, high-value products and solutions that solve great
challenges throughout the world. Raven is a leader in precision
agriculture, high-performance specialty films, and lighter-than-air
technologies. Since 1956, Raven has designed, produced, and
delivered exceptional solutions, earning the company a reputation
for innovation, product quality, high performance, and unmatched
service. For more information, visit http://ravenind.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the expectations, beliefs,
intentions or strategies regarding the future. The Company intends
that all forward-looking statements be subject to the safe harbor
provisions of the Private Securities Litigation Reform Act.
Generally, forward-looking statements can be identified by words
such as “may,” “will,” “plan,” “believe,” “expect,” “intend,”
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similar expressions does not mean that a statement is not
forward-looking. All statements that address operating performance,
events or developments that we expect or anticipate will occur in
the future – including statements relating to our future operating
or financial performance or events, our strategy, goals, plans and
projections regarding our financial position, our liquidity and
capital resources, and our product development – are
forward-looking statements.
Management believes that these forward-looking statements are
reasonable as and when made. However, caution should be taken not
to place undue reliance on any such forward-looking statements
because such statements speak only as of the date when made. Our
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. In addition,
forward-looking statements are subject to certain known risks, as
described in the Company’s 10-K/A under Item 1A, and unknown risks
and uncertainties that may cause actual results to differ
materially from our Company’s historical experience and our present
expectations or projections.
Contact Information
Lisa McElrath, Communications & Marketing ManagerRaven
Industries+1 (605) 336-2750lisa.mcelrath@ravenind.com
Bo Larsen, Director of Investor RelationsRaven Industries+1
(605) 336-2750bo.larsen@ravenind.com
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