Agriculture software and analytics company Granular on Wednesday announced that it has acquired AcreValue, a farmland real estate evaluation business.
Granular said the acquisition of AcreValue enhances service offerings to the farmland market and gives farmers and potential investors valuable information into land values across the country.
The free land values service allows buyers, sellers, agents and other interested parties to browse AcreValue estimates using a map-based interface.
Users will also be able to download reports on each field that includes valuable data on soil type, topography, crop history, basis trends and other important features, as well as produce estimates of the value of individual fields. These estimates have proven accurate to the level where they provide useful guidance to farmland buyers and sellers.
"Acquiring or leasing more acres at the right price is a top priority for members of Granular's professional farm network," said Sid Gorham, Granular CEO. "We believe that AcreValue will make the farmland resale and rental markets more convenient, transparent and efficient. This is an exciting new service the market has been waiting for and we will continue to invest in its expansion so it can benefit Granular subscribers and the agriculture industry more broadly."
Christopher Seifert, AcreValue's CEO, said the idea for AcreValue came out of his family's discussions about farm land values in Iowa.
"Granular's vision of adding technology innovation to the farmland and agricultural market makes it a perfect acquiring partner for AcreValue," Seifert said. "I'm excited to build out the service as part of the Granular team and to work with its base of industry-leading farmers."
"We hope AcreValue helps the farmland market like Zillow has the residential real estate market," he said.
As part of this acquisition, AcreValue's cofounder and CEO, Christopher Seifert, has joined Granular and will head the agronomy data science team.
While AcreValue currently covers fields in Iowa, Illinois and Indiana, Granular has aggressive goals to extend to the rest of the Corn Belt and the Delta region by the end of the year.
Additionally, the company plans to continue to improve the accuracy of the AcreValue models and add other features of interest to buyers and sellers. The company will also develop power-user capabilities that will only be available to customers using Granular's farm management software.