Syngenta plans to acquire Brazilian farm management software platform Strider for an undisclosed sum, pending regulatory review by Brazilian authorities. This will be the second such deal for Syngenta in 2018 following the acquisition of remote sensing startup FarmShots last month.
Strider had been in discussions with Syngenta Ventures about their next funding round, which would have been a Series B, when CEO Luiz Tangari Pereira said that it became clear that an acquisition would be the best outcome for both parties.
“If we thought it would be best for the company to be independent, we would have been able to raise a Series B without trouble under a great valuation,” Tangari Pereira told AgFunderNews. “We thought it would be more intelligent for the company to join an ally rather than to stay independent for another two years.”
Strider will maintain its name and “will remain as an independent operating unit supporting Striders’ customers but also helping to build Syngenta’ digital offering in Latin America. Strider already has a suite of products that will complement Syngenta,” said Dan Burdett, global head of digital agriculture at Syngenta.
To date, Strider has raised $4 million in two funding rounds – a $1 million seed round from Brazilian VC Barn Investments and a $3 million Series A round from Qualcomm Ventures and Brazilian VC Monashees.
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