CHICAGO, ILLINOIS, U.S. — Archer Daniels Midland Co. and Cargill on March 4 finalized the formation of Grainbridge, LLC. Financial terms of the transaction were not disclosed.

According to the companies, the joint venture will develop digital tools to help North American farmers consolidate information on production economics and grain marketing activities into a single digital platform.

“We’re thrilled to launch GrainBridge, and begin the roll-out of our technological solutions for farmers this summer,” said Mark Frank, chief executive officer of GrainBridge. “Since we announced this venture last fall, we’ve been talking to farmers across the country, and it’s clear that the people who grow our food are themselves hungry for technological solutions to help increase their efficiency and profitability.”

ADM and Cargill first announced plans to form a technology-focused joint venture in October 2018. With the transaction complete, the joint venture now will begin developing a suite of digital solutions, including tools that provide grain marketing decision support, e-commerce and account management software.

Headquartered in Omaha, Nebraska, U.S., Grainbridge, LLC said it plans to reach out to other grain companies, grain buyers, technology and data providers to participate in the platform. The goal of the open approach is to enhance the information available to farmers, giving them a 360-degree view of their business without having to consolidate these information sources on their own, the companies said.