Canadian earth observation company UrtheCast Corp. has completed the acquisition of U.S.-based digital agricultural products company Geosys Technology Holding LLC for $20 million.
UrtheCast said that it will cover the costs of the deal over three instalments, with $5 million payment made the day the deal closed, another $5 million payment to U.S.-based agriculture and food company Land O’Lakes is scheduled for October 14, 2019.
Further, UrtheCast will also pay $10 million to be made upon the transfer of certain intellectual property from Land O’Lakes by April 13, 2021.
Following the closure of the pact, UrtheCast will continue providing Land O’Lakes with Geosys’s services.