Farmlands invests in FarmIQ Systems

Farmlands has taken a stake in farm software company FarmIQ Systems as part of a capital raising round.

It joins Landcorp Farming, which has increased its shareholding, Silver Fern Farms Joint Ventures and Veterinary Enterprises Group as shareholders in the company that develops and markets software for farming and agribusiness.

The shareholding companies, now comprised of two farmer-owned co-operatives, a national veterinary business and a land-based state owned enterprise, represented the value chain from farm suppliers, farm consultants and farmers to processors, FarmIQ chairman John Quirk said.

''Importantly, we remain open to working with other companies that can add value to farmers through data,'' Mr Quirk said.

Farmlands chief executive Peter Reidie said the investment would help Farmlands support and service its shareholders.

''We are confident this investment will help our shareholders and their businesses, particularly as emerging technology changes how we farm,'' he said.

The first FarmIQ software was released in commercial packs for farmers in August 2014, giving them tools to run their farm, do analysis and meet compliance requirements.

FarmIQ now has more than 1600 active sheep, beef, deer and dairy farm customers, and more than 3700 users.

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