- Deveron UAS (CSE:DVR) has announced its acquisition of Texas-based agronomy solutions business, Better Harvest
- The deal will expand Deveron’s customer base by approximately 100,000 acres, or 34 per cent
- The company will pay roughly C$372,000 for the acquisition, with a portion to be paid out over the next two years
- In 2019, Better Harvest reported unaudited revenue of $662,224
- Deveron UAS (DVR) is currently steady at $0.18 per share, with a market cap of $9.04 million
Deveron UAS (CSE:DVR) has announced its acquisition of Texas-based agronomy solutions business, Better Harvest.
Through its on-demand network of drone pilots and soil sampling technicians, Deveron offers scalable data acquisition and insight solutions in the imagery and soil space.
Similarly, Better Harvest provides agronomic advice, nitrogen management solutions and irrigation optimisation programs for a range of long-standing customers. In 2019, the company reported total unaudited revenue of C$662,224.
The deal will expand Deveron’s footprint in Texas, one of the largest agricultural markets in the US. It will also increase the company’s current land under management by 100,000 acres, or 34 per cent.
Deveron’s President and CEO, David MacMillan, called the addition of the Better Harvest team “a transformational event.”
“This transaction highlights our belief that Deveron can empower independent agronomists by providing data tools and products that improve their customer’s outcomes, which allows local agronomists to focus on growing their businesses,” he said.
As consideration for the acquisition, Deveron will pay a total of approximately $372,000 to the vendors of Better Harvest. Approximately $232,000 of this amount will be payable on closing. The remaining $140,000 will be paid in equal annual amounts over the next two years.
As Deveron integrates its products and services with those of Better Harvest, the company will also leverage its sales and marketing capabilities to further expand Better Harvest’s presence in Texas. In addition, Deveron will work to expand Better Harvest’s nitrogen management and irrigation solutions service into neighbouring markets.
Better Harvest’s President, David Reinart, said he is excited to work with Deveron in servicing its current customers.
“It will be business as usual as we make this transition, with no disruption in the quality of service our growers have come to know.
“I am excited about the additional services Deveron will allow us to offer our customers,” he concluded.
Deveron UAS (DVR) is currently steady at $0.18 per share as of 1:35pm EDT.
