The investment by major United States company Merck and Co in FarmIQ, is an endorsement of the technology that Pāmu has been championing since the inception of the agri-tech company, Pāmu Chief Executive Steven Carden says.
“This latest investment from a global player in animal health and welfare confirms the vision we had when FarmIQ was started, which was to enable greater productivity by joining up the whole agriculture data ecosystem,” Mr Carden said.
Pāmu holds a 30% shareholding in FarmIQ and is one of its original shareholders and biggest customers. The company has actively championed changes such as the Health and Safety module widely used by FarmIQcustomers.
“Merck’s investment in FarmIQ through their MSD Animal Health subsidiary company is an acknowledgement that the global ag sector is looking for innovative solutions for the challenges we face, and the fact they have realised the huge potential and uniqueness of the FarmIQplatform, and are prepared to invest in the company, is something all New Zealanders can be proud of.
“FarmIQ is focused on finding creative technical solutions that help farmers in their day to day business. It is not as well-known as another innovative tech company, Xero, but it has been just as revolutionary for farmers as Xero has been for small businesses. Like Xero it is a uniquely kiwi solution that is now taking on the world,” Mr Carden said.
FarmIQ could not have got to this stage of its development without the initial support of the NZ Government and the current shareholders, who have continued to nurture the business through both further investment but also by using and championing the FarmIQ platform in their own businesses, Carden says.
“The productivity gains from incorporating FarmIQinto our own farming business have been enormous.
“FarmIQ is poised to enter a new growth phase, and the synergies and learnings we will get from MSD as an active shareholder will ensure the continued success, in NZ and globally, of FarmIQ. As more farmers become connected to the FarmIQ business and benefit from its unique and comprehensive functionality, agriculture as a whole, and New Zealand, will benefit.
“Pāmu will also continue to play our part to ensure FarmIQcontinues to be a world beating tech solution that all New Zealanders can take price in,” Mr Carden said.
Merck & Co (also known as Merck Sharp & Dohme outside the United States and Canada) is an American multinational pharmaceutical company and one of the largest pharmaceutical companies in the world. Merck is incorporated in New Jersey and is listed on the NYSE.
Pāmu is the brand name for Landcorp, a Stated Owned Enterprise, and one of New Zealand’s most innovative farmers and food businesses. It is also the name given to the quality products created by the company. Pāmu is the Māori word ‘to farm’ and reflects the deep connection New Zealanders have with the land, born from respect, and a genuine desire to protect and enhance the environments in which the company works. It’s a proud provenance that stands behind every product bearing the Pāmu name.