FarmLink announced its decision to split the company into two unique businesses, one focused on advanced data analytics and the other equipment sharing solutions.
The data analytics business will retain the FarmLink name, while the equipment sharing solutions business will continue to be known as MachineryLink Solutions. Each company is well positioned to quickly capitalize on market share growth within the estimated $20 billion agtech segment, which has sparked the technology transformation in agriculture.
“For local farmers, global agribusiness and others across the industry, new technology brings much needed insights and solutions to pull early adopters to the head of the pack. As we talked with investors, partners and customers, it became clear that our two business segments could continue to grow faster as independent entities,” said Ron LeMay, chairman and CEO of FarmLink and one of the original investors nearly 15 years ago in MachineryLink. “With strong brand recognition, first-mover advantage and experienced teams in place, both companies offer compelling investment opportunities as each delivers unique approaches to increasing profitability and sustainability of agriculture operations at a time when new approaches are needed more than ever.”
FarmLink continues to expand its highly accurate data analytics platform to offer a range of applications across the agriculture and natural resources supply chains. Following the grain marketing product collaboration with DTN/The Progressive Farmer, FarmLink continues to draw actionable insights from its proprietary benchmark to accelerate R&D efforts for large businesses and government, as well as help agronomists and crop advisors pinpoint productivity improvements across fields in the United States.
MachineryLink Solutions has continued to evolve from a leasing company into the industry’s first online equipment sharing platform, taking advantage of the trends created by Airbnb and Uber while positioning itself for future growth through connectivity. Based on strong response from ag retailers and farmers since its launch last year, MachineryLink continues to expand its product offering to match renters with equipment and operators at a fraction of the cost of ownership.
Existing shares will be split between the two companies to create greater shareholder value. As entrepreneurial companies, each will continue to align resources and product pipelines to take advantage of marketplace dynamics quickly. Ron LeMay remains chairman & CEO of both companies.