MOLINE, Ill., Sept. 6, 2017 /PRNewswire/ -- Deere &
Company (NYSE: DE) has signed a definitive agreement to acquire
Blue River Technology, which is based in Sunnyvale, California and is a leader in
applying machine learning to agriculture.
"We welcome the opportunity to work with a Blue River Technology
team that is highly skilled and intensely dedicated to rapidly
advancing the implementation of machine learning in agriculture,"
said John May, President,
Agricultural Solutions, and Chief Information Officer at
Deere. "As a leader in precision agriculture, John Deere recognizes
the importance of technology to our customers. Machine learning is
an important capability for Deere's future."
As an innovation leader, Blue River Technology has successfully
applied machine learning to agricultural spraying equipment and
Deere is confident that similar technology can be used in the
future on a wider range of products, May said.
Blue River has designed and integrated computer vision and
machine learning technology that will enable growers to reduce the
use of herbicides by spraying only where weeds are present,
optimizing the use of inputs in farming – a key objective of
precision agriculture.
"Blue River is advancing precision agriculture by moving farm
management decisions from the field level to the plant level," said
Jorge Heraud, co-founder and CEO of Blue River Technology. "We are
using computer vision, robotics, and machine learning to help smart
machines detect, identify, and make management decisions about
every single plant in the field."
Already in 2017, Blue River Technology has been listed among
Inc. Magazine's 25 Most Disruptive Companies, Fast Company's Most
Innovative Companies, CB Insights 100 Most Promising Artificial
Intelligence Companies in the World, and the Top 50 Agricultural
Innovations by the American Society of Agricultural and Biological
Engineers.
Deere said it will invest $305
million to fully acquire Blue River Technology. Deere plans
to have the 60-person firm remain in Sunnyvale with an objective to continue its
rapid growth and innovation with the same entrepreneurial spirit
that has led to its success. The transaction is expected to close
in September.
May said the investment in Blue River Technology is similar to
Deere's acquisition of NavCom Technology in 1999 that established
Deere as a leader in the use of GPS technology for agriculture and
accelerated machine connectivity and optimization.
Deere & Company (www.JohnDeere.com) is a world
leader in providing advanced products and services and is committed
to the success of customers whose work is linked to the land -
those who cultivate, harvest, transform, enrich and build upon the
land to meet the world's dramatically increasing need for food,
fuel, shelter and infrastructure. Since 1837, John Deere has
delivered innovative products of superior quality built on a
tradition of integrity.
Blue River Technology (www.BlueRiverTechnology.com) is a pioneer
in applying machine learning to help farmers optimize every plant
in their fields. By providing equipment that can see and manage
each plant, Blue River helps farmers reduce inputs, increase
profitability and care for the land.
Safe Harbor Statement
Statements in this release
contain forward-looking information related to Deere, Blue River
Technology, and the Acquisition that is based on current
expectations and involves risks and uncertainties that could cause
actual results, performance, events, or transactions to differ
materially from those expressed or implied by such statements.
Forward-looking statements in this release include, among other
things, statements about Deere and Blue River Technology's plans,
objectives, expectations, business, and intentions; the anticipated
timing of closing of the Acquisition; the potential benefits of the
proposed Acquisition; and the anticipated operating synergies.
Risks and uncertainties include, among other things, risks related
to the satisfaction of the conditions to closing the acquisition in
the anticipated timeframe or at all, risks that the expected
benefits from the proposed acquisition will not be realized or will
not be realized within the expected time period; the risk that the
businesses will not be integrated successfully; significant
transaction costs; unknown or understated liabilities; other
business risks, including the effects of industry, market, general
economic, political or regulatory conditions; future currency
exchange and interest rates; changes in tax and other laws,
regulations, rates and policies; and future business combinations
or disposals. In addition, actual results, performance, events, and
transactions, are subject to other risks and uncertainties that
relate more broadly to Deere's overall business, including those
more fully described in Deere's filings with the U.S. Securities
and Exchange Commission ("SEC") (including, but not limited to, the
factors discussed in Item 1A. Risk Factors of Deere's most recent
annual report on Form 10-K and quarterly reports on Form 10-Q). In
light of these risks, uncertainties, and other factors, you are
cautioned not to place undue reliance on the forward-looking
information. Deere, except as required by law, undertakes no
obligation to update or revise the forward-looking statements,
whether as a result of new developments or otherwise.
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SOURCE Deere & Company