Exclusive relationship will further Toro’s efforts in turf sensing technology to help golf course professionals improve turf and water management practices
BLOOMINGTON, Minn. — (BUSINESS WIRE) — February 6, 2018 — The Toro Company (NYSE: TTC) today announced a strategic minority equity investment in GreenSight Agronomics, a Boston-based provider of automated, agronomic intelligence technologies for turfgrass and agricultural markets. Terms of the transaction were not disclosed.
“As the golf industry expands its efforts to improve play and more efficiently use water, the application and advancement of technology will play a vital role,” said Philip Burkart, vice president of The Toro Company’s Irrigation and Lighting Businesses. “We are intrigued and see great potential to align with GreenSight Agronomics to apply their technologies and analytics with our water management expertise to further provide our customers with the best solutions. We look forward to working with the GreenSight team on ways to integrate their technologies into our Lynx Central Control system, with the intent of expanding the capabilities and access to timely course information so customers can address problems quickly and more precisely.”
GreenSight Agronomics is a leader in turfgrass remote sensing and analysis. The company’s patent-pending system, which combines automated drones and sensors, provides thermal mapping and detection analytics to help golf course professionals improve turf health with less labor. The technology enables customers to identify issues before they become visible, and achieve better outcomes with less water, fertilizer and pesticide use.
"GreenSight is redefining precision agriculture by packaging automated drones, custom sensors and machine learning into a turn-key service. We are excited to partner with The Toro Company to deliver customers the ultimate in irrigation management technology for golf courses and beyond,” added James Peverill, CEO of GreenSight Agronomics.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf maintenance, snow and ice management, landscape, rental and specialty construction equipment, and irrigation and outdoor lighting solutions. With sales of $2.5 billion in fiscal 2017, Toro’s global presence extends to more than 125 countries. Through constant innovation and caring relationships built on trust and integrity, Toro and its family of brands have built a legacy of excellence by helping customers care for golf courses, sports fields, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com.
About GreenSight Agronomics
GreenSight Agronomics, founded in 2015 by former defense contractor executives and engineers, is developing the next generation agricultural intelligence platform. Combining autonomy, custom sensors, and machine learning-based data analytics technology; GreenSight delivers actionable alerts on soil moisture, pest stress, and nutrient deficiency to land managers. GreenSight is the leader in turfgrass remote sensing, providing daily monitoring services at top golf courses, top agrochemical company test sites, and to specialty agriculture. To learn more, visit www.greensightag.com.
This news release contains forward-looking statements, which are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current assumptions and expectations of future events, and often can be identified by words such as “expect,” “strive,” “looking ahead,” “outlook,” “guidance,” “forecast,” “goal,” “optimistic,” “anticipate,” “continue,” “plan,” “estimate,” “project,” “believe,” “should,” “could,” “will,” “would,” “possible,” “may,” “likely,” “intend,” “can,” “seek,” “potential,” “pro forma,” or the negative thereof or similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual events and results to differ materially from those projected or implied. Particular risks and uncertainties include: market demand and acceptance of the technologies and analytics developed by GreenSight Agronomics; integration of such technologies and analytics into our products; the extent of collaboration between us and GreenSight Agronomics; ability of GreenSight Agronomics to grow its business and manage growth profitably; changes in laws or regulations, including those related to the commercial use of drones; general adverse business, economic or competitive conditions; and other risks and uncertainties described in our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
The Toro Company
Heather Hille, 952-887-8923
Director, Investor Relations
Branden Happel, 952-887-8930
Senior Manager, Public Relations