CHICAGO, Aug 17 (Reuters) - Thomson Reuters Corp (TRI.TO) (TRI.N) said on Wednesday it has bought Chicago-based crop forecaster Lanworth Inc., expanding its commodity analytics group with a company that was an early leader in the use of satellite imagery to predict crop size.
It was the third commodity-focused acquisition since last year by Thomson Reuters, which earlier this month bought privately-held UK-based metals analysis firm GFMS.
Last year, Thomson Reuters bought Point Carbon, a global power, gas and carbon markets specialist.
Financial terms of the Lanworth deal were not disclosed. Lanworth, which has 22 employees, will operate independently at least until end of the year before being integrated into Thomson Reuters.
“Lanworth leads the game in agriculture. It’s in-depth and accurate analysis of crop production and renewable energy sources is what customers rely on for their trading and hedging options,” Shaun Sibley, Thomson Reuters global head of commodities, said in a statement.
Lanworth’s use of satellite technology to forecast crop yields, production and even impact of flooding has helped to raise the company’s profile in grains markets, competing with, among others, Memphis, Tennessee-based analytics firm Informa Economics.
Lanworth, whose expertise stretches from grains to forestry to renewable energy, combines its infrared satellite imagery with fundamental information to make its forecasts. (Reporting by K.T. Arasu; Editing by Alden Bentley)