NZX adds iFarm to its AgriHQ business

NZX adds iFarm to its AgriHQ business

By Suze Metherell

May 4 (BusinessDesk) - NZX has bought iFarm, the livestock market information business, for an undisclosed sum from owners Jon Sherlock and Peter Fraser and will add the firm to its AgriHQ data business.

The Napier-based agriculture service publishes reports covering export data and prices as well as a wrap up of stock sales across the country, the Wellington-based exchange operator said in a statement. The acquisition price was confidential and wasn't material.

“The iFarm business is a great strategic fit with our existing AgriHQ data product set, broadening our data and analytics offering to farmers and corporate subscribers, both nationally and internationally,” NZX chief executive Tim Bennett said.

Last week NZX said sales from its agricultural operations slid 12 percent to $2.6 million in the three months ended March 31, due to lower advertising income in its print publications.

Shares of NZX were unchanged at $1.16 and have fallen 0.9 percent since the start of the year.

(BusinessDesk)

© Scoop Media