Trimble to Enter Irrigation Market with the Acquisition of IQ Irrigation Assets

News provided by

Aug 27, 2013, 06:32 ET

SUNNYVALE, Calif., Aug. 27, 2013 /PRNewswire/ -- Trimble (NASDAQ: TRMB) announced today that it has entered into a definitive agreement to acquire the assets of privately-held IQ Irrigation of Christchurch, New Zealand. Financial terms were not disclosed. The acquisition is expected to close by the end of August 2013.

IQ Irrigation provides a reliable and precise hardware and software solution for controlling linear and pivot irrigation systems. It enables farmers to apply the right amount of water in the right place based on crop requirements, optimizing water usage.

IQ Irrigation's GPS-controlled system controls individual nozzles on most irrigator makes and models, and can be operated remotely with an Internet application that can be run from a computer or mobile device. Options range from straightforward control of the irrigator to creation of no spray or variable spray areas, or complex irrigator control with many variable watering patterns and liquid manure dispersal capability. The solution also includes application reports that detail what input (water, liquid manure or fertigation) was applied as well as when and where it was applied. Farmers are able to select the irrigation patterns that suit their crop, terrain and farming operation, including the ability to keep select areas dry such as roads, waterways and farm buildings.

With IQ Irrigation's Web-based solution, farmers can see in real time the location and status of the irrigator and a visual simulation of the current water consumption and irrigation patterns. Farmers can remotely stop, forward or reverse the pivot. In addition, the solution enables farmers to turn the water on or off and speed up or slow down the pivot.

Farmers will also be able to monitor the status of their pivot or linear irrigators on Trimble's new Connected Farm™ dashboard after the completion of the IQ Irrigation asset acquisition. The irrigation pivot data is expected to be available on the Connected Farm dashboard in the fourth quarter of 2013 in New Zealand and the first half of 2014 in the U.S. The new Connected Farm dashboard is a Web portal that's accessible via an Internet-enabled device, including Trimble's new TMX-2050™ display.

"Trimble's acquisition of IQ Irrigation's assets will allow us to provide a solution in the irrigation arena, which further expands our product portfolio that spans the entire growing cycle," said Joe Denniston, vice president for Trimble's Agriculture Division. "With the solution, farmers can more efficiently utilize water by delivering the right amount of water to where it's needed. By also staying apprised of other critical information via the Connected Farm dashboard—such as rainfall data and weather forecasts—farmers can make more informed irrigation decisions for their operations."

"Trimble's brand-agnostic strategy perfectly complements that of IQ Irrigation as our solution works with most irrigator makes and models," said Neil Douglas, general manager for IQ Irrigation. "Through this asset acquisition, we will be able to leverage Trimble's extensive network of resellers and customer relationships to place this valuable tool in the hands of many more farmers."

Trimble has a history of operations in New Zealand since the acquisition of Christchurch-based Datacom Software Research Limited in 1991 and Actronic Technologies of Auckland, New Zealand, in June 2013. Since then, Trimble New Zealand has grown considerably and operates with more than 230 employees in the heart of the Canterbury technology industry.

About IQ Irrigation

IQ Irrigation provides a reliable and precise hardware and software solution for controlling linear and pivot irrigation systems. Its GPS-controlled system delivers individual nozzle control to irrigators and runs remotely over the Internet with an easy-to-use Web application that can run from a home or office computer or mobile device. Options range from straightforward control of the irrigator to creation of no spray or variable spray areas, or complex irrigator control with many variable watering patterns and liquid manure dispersal.

For more information, visit: www.iqirrigation.com.

About Trimble's Agriculture Division

Trimble's Agriculture Division is a leader in precision agriculture, GPS and guidance solutions that help customers operate farm vehicles and implements more efficiently, save on input costs and increase yield and productivity. To ensure better decision making, Trimble offers an integrated operations management solution called Connected Farm that provides information exchange across the entire farm using industry-leading software and hardware. Additional Trimble solutions include vehicle and implement guidance and steering; application control for seed, liquid and granular products; laser- and GPS-based water management technology; and a harvest solution.

For more information on Trimble Agriculture, visit: www.trimble.com/agriculture.

About Trimble

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.

For more information, visit: www.trimble.com.

This press release contains forward-looking statements regarding the business operations and prospects of Trimble, including the timing of the IQ Irrigation asset acquisition, and its impact on Trimble's Agriculture Division's product portfolio. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to (i) successfully completing the acquisition of IQ Irrigation, (ii) realizing the anticipated benefits of the acquisition, (iii) Trimble's ability to successfully integrate IQ Irrigation's solutions with Trimble's portfolio of products, including the Connected Farm dashboard, and (iv) the risks and uncertainties associated with unexpected expenditures or assumed liabilities that may be incurred as a result of the acquisition and retaining key IQ Irrigation personnel and customers. More information about potential factors which could affect Trimble's business and financial results is set forth in reports filed with the SEC, including Trimble's quarterly reports on Form 10-Q and its annual report on Form 10-K. All forward-looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.

GTRMB

SOURCE Trimble