Monsanto (NYSE:MON) now officially has a new asset in its portfolio. The company announced it has completed its purchase of The Climate Corporation, a firm that utilizes technology to predict the weather. The acquisition, which was first announced at the beginning of October, will cost the agribusiness giant roughly $930 million.
The Climate Corporation was founded in 2006. In the original press release heralding the acquisition, Monsanto said the firm "has built the agriculture industry's most advanced technology platform combining hyper-local weather monitoring, agronomic data modeling, and high-resolution weather simulations to deliver a complete suite of full-season monitoring, analytics and risk-management products."
Monsanto has said it plans to maintain The Climate Corporation's brand name, as well as keep its headquarters in California's Silicon Valley.