In an effort to expedite growth, FarmLink is splitting into two distinct companies, according to reports from Kansas City Business Journal.
While the data analytics business will keep the FarmLink name, the equipment sharing solutions business will be branded as MachineryLink Solutions.
“As we talked with investors, partners and customers, it became clear that our two business segments could continue to grow faster as independent entities,” FarmLink CEO Ron LeMay said in a release. “With strong brand recognition, first-mover advantage and experienced teams in place, both companies offer compelling investment opportunities as each delivers unique approaches to increasing profitability and sustainability of agriculture operations at a time when new approaches are needed more than ever.”
LeMay will be chairman and CEO of both companies.
The announcement comes on the heels of the Kansas City company’s $24.6 million funding boost through a Series B equity round. During a previous interview, LeMay said the funding will allow the company to grow and diversify, including expanding to international markets.
The Kansas City-based ag tech company has continued to evolve through the years. What began has a combine leasing business has expanded to include data analytics platforms that give farmers actionable insights.