CNH Industrial acquires machine vision company Augmenta
CNH Industrial has purchased Augmenta to accelerate the growth of their innovative Sense & Act technology. Augmenta was a previous CNH Industrial Ventures investment and a strategic partner for CNH Industrial.
Our work with Augmenta has brought increasing benefits to our customers operations. What began as a minority investment in their potential, now culminates in us adding this proven tech excellence directly to our sprayer offering,聺 said Derek Neilson, President Agriculture at CNH Industrial. This is an important development for our Agriculture business that will further support our dealers by differentiating our equipment through value-added technology.聺
Augmentas technology will expedite development of our broader Sense & Act capabilities to create value for our customers,聺 said Parag Garg, Chief Digital Product Officer. Sense & Act tasks are based on sensor-detected data during the spraying process, wherein protection solutions are applied to crops both before and after harvest. This technology gives machines selective spraying capabilities which precisely directs and regulates spray volume.
Augmentas work in this area includes the development of a multispectral camera and software that monitors a machines operating environment and acts directly via the machine. This increases yield for our customers, boosts sustainability by eliminating unnecessary chemical and fertilizer usage, and most importantly reduces application time, effort and input costs. Savings in herbicide, fungicide, plant growth regulators and fertilizer represent the largest value pool for this technology.
Augmenta will operate within our Raven brand, as a subset of our precision technology portfolio. It will maintain its existing employees and offices in Greece and the USA. CNH Industrial will acquire Augmenta Holding SAS at an enterprise value of $110 million, subject to customary adjustments. CNH Industrial held an existing 10.5% minority stake in the business prior to the transaction announced today, which will be funded with available cash on hand. Closing is expected to occur in the first quarter of 2023, subject to the satisfactory completion of customary closing conditions and receipt of regulatory approvals.
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