Raven Acquires AgSync
Raven Industries Closes Deal to Acquire AgSync
SIOUX FALLS, S.D. (Jan. 2, 2019) -- Raven Industries (NASDAQ:RAVN) announced today that it has completed the acquisition of substantially all of the assets of AgSync, Inc., headquartered in Wakarusa, Ind. This acquisition will immediately align under the company’s Applied Technology division, a leading technology provider in the precision agriculture industry, and greatly enhance its Slingshot® platform by delivering a seamless logistics solution for ag retailers, custom applicators and enterprise farms.
“We are pleased to officially welcome the AgSync team to the Raven family,” stated Brian Meyer, Vice President and General Manager of Raven Applied Technology. “They bring a wealth of knowledge in precision ag logistics management that already compliments the Raven Slingshot solution. By further integrating our systems and expertise, Raven will be able to offer the most complete logistics solution on the market — improving the bottom-line of our core customers.”
AgSync, Inc., established in 2008, has developed solutions for ag retailers, aerial applicators, forestry, seed companies and enterprise customers to overcome challenges related to managing large fleets, multiple locations, limited personnel and disconnected software systems in their operations. As AgSync has been a Raven Slingshot partner for several years, the acquisition will further integrate its capabilities into the platform and into the cabs of various application equipment.
“We are excited to join Raven on their mission to improve agricultural efficiency around the globe,” commented Clay Rassi, Head of Sales for AgSync. “We are especially committed to continuing the growth and success of Slingshot, particularly its focus toward creating a stronger connection to the cab. As we join forces with Raven, our organizations are aligned on our commitment to provide outstanding quality, service and innovative solutions for our customers.”
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.
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Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Company’s 10-K/A under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Company’s historical experience and our present expectations or projections.
Lisa McElrath, Communications & Marketing Manager
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Bo Larsen, Director of Investor Relations
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