Animal health leader Zoetis (ZTS -0.09%) announced today that it is acquiring Performance Livestock Analytics, a privately held company that sells cloud-based data and analytic solutions for beef producers. The financial terms of the deal weren't disclosed.

The Iowa-based technology company was the first to offer cloud-based data management to beef producers, and sells two solutions to help feedlot managers make financial and nutrition decisions. Performance Beef tracks feed and livestock inventory to monitor health and weight trends, while Cattle Krush monitors market data and offers analytics to help in buying and selling cattle.

Herd of cows in a field.

Image source: Getty Images.

Zoetis has said that expanding its digital and data analytics business is one of its five top priorities in 2020. It sees solutions for "precision livestock farming" as a significant growth driver in the long term, and the company already sells Smartbow, ear tags with motion detectors that collect information on the health and behavior of individual dairy cows.

Investors are optimistic about the growth prospects of Zoetis, along with those of other companies in the animal health and pet care space. Zoetis shares are down about 6% for the year, compared with a 16% decline in the market overall.