The equipment manufacturer buys 100 percent of Observe Technologies shares.
Through its partnership with AKVA, Observe has developed and sold AI-powered feeding solutions to over 100 locations worldwide. Documented results show a reduction in the feeding factor by automating the feeding process using AI technology.
– The acquisition of 100 percent of Observe’s shares is of great strategic importance for AKVA and will further develop and complement our digital offerings to the market. AKVA now offers four digital products to the market: AKVA Fishtalk, AKVA Observer, AKVA Connect and AKVA Submerged. By combining these products, we now offer a complete digital solution for optimizing precision agriculture, Knut Nyse, CEO of the AKVA Group, commented in a message.
“This is a unique opportunity to be a key player in AKVA’s precision agriculture solution while at the same time giving us operational flexibility to continue to grow the business. We firmly believe that AKVA’s approach, combined with the operational gains we have already achieved, will drive the industry towards more sustainable outcomes,” said Hemang Rishi and Peter Fabry, CEO and CTO of Observe Technologies, respectively.
AKVA previously owned 33.69 percent of Observe’s shares. The purchase price for the remaining 66.31 percent of the shares is at least GBP 13.7 million (NOK 185 million), and is partly settled by cash consideration and partly by seller credit to be settled in instalments over the next three years.
There is also a so-called 'earn-in agreement' which can provide a reward of up to £20.5 million if certain conditions are met.
The cash payment made by AKVA is financed using AKVA's existing bank financing options.
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