Raven Industries Closes Deal to Acquire AgSync
January 02 2019 - 3:00PM
Raven Industries (NASDAQ:RAVN)
announced today that it has completed the acquisition of
substantially all of the assets of AgSync, Inc., headquartered in
Wakarusa, Ind. This acquisition will immediately 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.
“We are pleased to officially welcome the AgSync team to the
Raven family,” stated Brian Meyer, Vice President and General
Manager of Raven Applied Technology. “They bring a wealth of
knowledge in precision ag logistics management that already
compliments the Raven Slingshot solution. By further integrating
our systems and expertise, Raven will be able to offer the most
complete logistics solution on the market — improving the
bottom-line of our core customers.”
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.
“We are excited to join Raven on their mission to improve
agricultural efficiency around the globe,” commented Clay Rassi,
Head of Sales for AgSync. “We are especially committed to
continuing the growth and success of Slingshot, particularly its
focus toward creating a stronger connection to the cab. As we join
forces with Raven, our organizations are aligned on our commitment
to provide outstanding quality, service and innovative solutions
for our customers.”
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 StatementsThis
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,”
“anticipate,” “potential,” “should,” “estimate,” “predict,”
“project,” “would,” and similar expressions, which are generally
not historical in nature. However, the absence of these words or
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 InformationLisa
McElrath, Communications 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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