USA: Farm.com completes buyout of CyberCrop.com, cash grain trading will cease
Further signs came this week of a wave of consolidation in the Internet world of agricultural traders and suppliers: US site CyberCrop.com was bought by Farms.com on Wednesday for an undisclosed amount.
Scott Deeter, president of the purchased site, posted a statement on the Internet yesterday: "Unfortunately, we will be unable to continue providing the agricultural services you have come to enjoy [...] We believe Farms.com offers the most robust agriculture site on the web."
Officials from both sites revealed that Cyber Crop.com would cease to offer cash grain-trading services. Launched in May of last year, the site appeared to be developing the same cash flow problems as rivals. While reporting in January that it enjoyed 10,000 registered growers and had more than 14,000 cash grain bids conducted online every day, convincing those users to becoming paying members was difficult. In recent weeks, CyberCrop.com has been seeking additional funding to stay afloat.
Deeter stressed that the buyout "makes a lot of sense for our customers."
Farms.com was founded in 1995 to offer a range of information services for the agricultural community. "We don't trade cash grain, that is not our business," said CEO and president Robert Sparks. The site does however offer a popular mix of online cattle auctions, and marketing advisories for crops and livestock.
The details of the buyout have still not been released.
To visit farms.com, click here. http://www.Farms.com
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast