Marking its extension into the agricultural land sector, CoStar Group Inc. has acquired agricultural data company Ag-Analytics. The strategic acquisition of Ag-Analytics will specifically enhance CoStar Group’s land.com platform and strengthen the data capabilities for farmland, forestland, recreational, and other rural properties through Ag-Analytics’ AcreValue platform.
AcreValue provides an outlet for farmers, land investors, land professionals and landowners to gather the most accurate insights and data on agricultural land. The platform covers the 48 contiguous states and caters to multiple segments of the land market, including farmer operators, non-operating landowners and land professionals such as bankers, brokers, appraisers, energy companies and investors.
Land.com, CoStar Group’s marketplace for discovering, buying and selling rural real estate, will incorporate AcreValue’s reports and analytics into all applicable listings. These reports include geographical data, soil composition, elevations, historical and other information. With 1.5 million registered users on AcreValue and data on tens of millions of parcels, this integration will provide even greater exposure and deeper insights for clients.
Ag-Analytics has a strategic alliance with Farmer Mac, the nation’s secondary market for agricultural credit, where the farm sector real estate debt currently totals $355 billion. Farmer Mac leverages the AcreValue platform as a channel to further their lending market, delivering new opportunities for innovative financing directly to the digital farm gate. This partnership increases efficiency and transparency in the agricultural credit market.
“We have identified a massive market potential, with farm sector real estate alone representing a $3.4 trillion asset class, creating a range of opportunities to maximize revenue and provide increased value for our clients,” said CoStar Group Founder and Chief Executive Officer Andy Florance. “Together, we will set a new standard for data-driven decision-making in the land and real estate market. I look forward to working with the Ag-Analytics team on these incredible opportunities.”
“AcreValue and Land.com bring strong synergies in land data and analytics, expanding our ability to provide valuable insights and innovative solutions to landowners and buyers,” said Joshua Woodard, Founder of Ag-Analytics.
Ag-Analytics was founded in 2018 and is headquartered in Ithaca, N.Y.
