Monsanto announced Wednesday it has acquired The Climate Corporation for $930 million.
Climate Corp, as the company formerly known as Weatherbill is now often called, offers insurance against weather-related catastrophes direct to farmers and others online. The company uses data to measure temperature, rainfall and other factors, the information and expertise highlighted by Monsanto’s chairman and CEO Hugh Grant in a statement on the purchase.
“The Climate Corporation is focused on unlocking new value for the farm through data science,” he said, noting that “everyone benefits when farms are able to produce more with fewer resources.”
Climate Corp had been working in recent months to get language in the pending farm bill to create a pilot program that would subsidize their product but still give Climate Corp exclusive control of it and rates once approved. This had many in the agriculture community concerned such a provision would undermine the proven process for a new crop insurance product being approved and made available to growers.
More on the acquisition is at http://news.monsanto.com/press-release/corporate/monsanto-acquire-climate-corporation-combination-provide-farmers-broad-suite.