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ADM and Cargill complete agreement launching technology joint venture focused on farmer profitability
15.03.2019 14:15 "Agro Perspectiva" (Kyiv) —
Archer Daniels Midland Company and Cargill have successfully completed their transaction, formally launching Grainbridge, LLC. The joint venture will develop digital tools to help North American farmers consolidate information on production economics and grain marketing activities into a single digital platform, at no cost to them. The agreement to form a technology-focused joint venture was announced in October 2018 and closed on March 4, 2019. With the transaction complete, the joint venture will begin developing a suite of digital solutions, including tools that provide grain marketing decision support, e-commerce and account management software. «We’re thrilled to launch GrainBridge, and begin the roll out of our technological solutions for farmers this summer,» said Mark Frank, CEO, GrainBridge. «Since we announced this venture last fall, we’ve been talking to farmers across the country, and it’s clear that the people who grow our food are themselves hungry for technological solutions to help increase their efficiency and profitability.» Headquartered in Omaha, Neb., Grainbridge, LLC welcomes other grain companies, grain buyers, technology and data providers to participate in the platform. This open approach will enhance the information available to farmers, giving them a complete, seamless 360-degree view of their business without having to consolidate these information sources on their own. Strong protections will be built into all digital tools created by Grainbridge to safeguard customer data and prioritize privacy. Data will not be on any Grainbridge platform unless approved by the individual farmer, and individual customer data will not be shared between participating companies. Terms of the joint venture are not being disclosed.
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