AGRI - AgriFORCE jumps 23% on acquisition of Delphy AgTech consulting firm

AgriFORCE Growing Systems (NASDAQ:AGRI) to acquire Delphy Groep BV, a Netherlands-based AgTech consultancy firm, for $29M through a combination of cash and stock. This definitive agreement follows the binding LOI as previously announced in October 2021. Delphy expects to end 2021 with revenues of $28M. “We expect the acquisition of Delphy will be transformative for the Company, as it significantly enhances the value proposition that we can offer customers in the AgTech industry. We expect the combined company will emerge as a global player with top-tier R&D capabilities, a more diverse product pipeline, increased IP development capabilities, and a broader footprint.” He added, “Delphy brings a highly accomplished and experienced team to the table, and we look forward to leveraging their capabilities and broad industry relationships. Importantly, our complementary expertise and shared values are underpinned by a commitment to making positive change in the lives of farmers and consumers.” said Ingo Mueller, CEO. Stock jumps 23% during pre-market hours

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AgriFORCE jumps 23% on acquisition of Delphy, AgTech consulting firm