Friday, March 29, 2024

FarmIQ set for burst of growth

Neal Wallace
FarmIQ developers are confident the farm management software company is on the cusp of a new wave of growth as farmers find ways to manage the increasing volume of compliance information.
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Chief executive Darryn Pegram said the purchase last December of a 30% shareholding by rural servicing co-operative Farmlands gives access to its marketing network and shareholders, providing FarmIQ with the impetus for a new burst of growth.

FarmIQ is an electronic data management platform that allows farmers to manage information as varied as grass growth and staff time sheets, assist with farm planning, compare performance and manage specific tasks such as health and safety and environmental and other areas of compliance.

It has grown about 70% a year for the last three to four years and expects to hit 5000 users by the end of this year and 10,000 by the end of next year, in part because of the profile of Farmlands and its use by farmers supplying Synlait.

FarmIQ was spun out of the Red Meat Primary Growth Partnership that started in 2010 and ended last year.

The Government and partners invested $25 million in FarmIQ. Its shareholders are Farmlands, Silver Fern Farms (30%), Pamu (30%) and Veterinary Enterprises (10%).

Pegram said growing compliance demands are overwhelming paper recording systems and farmers need a concise, easy-to-use, record-keeping system.

“What farmers actually need is something that meets all the compliance requirements in one place.”

Most of the data required for compliance and farm management can be filed by phone but Pegram said the key factor is the ease of inputting and accessing that information to meet the requirements of councils, government departments and processors.

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