UK agritech investor Wheatsheaf Group has taken a minority stake in Australian group AgriWebb following an £8 million investment.

Whatsheaf has also sold its livestock and dairy software firm FarmWizard, based in Belfast, to AgriWebb as part of the deal.

The group said its investment in AgriWebb would "transform the future of digital agriculture".

AgriWebb plans to consolidate its cloud-based farm management product suite with FarmWizard’s dairy and animal management functionality.

With the digitisation of agriculture on the rise, the deal will provide the first-of-its-kind solution to solve the ongoing needs of the sector.

"Combining the capabilities of AgriWebb and FarmWizard will provide both the best data-driven decision tool for farmers and the best supply chain provenance platform for advisors, processors and retailers,” said Justin Webb, co-founder and chairman of AgriWebb.

"Wheatsheaf Group will add to this offering through deep expertise in how agricultural business can become more efficient and by enabling AgriWebb to collaborate with UK farmers, processors and retailers."

Terry Canning, fouder and CEO of FarmWizard, said he believes their customers will "enjoy improved support and product enhancements" as a result of the deal.

He added: "Over the last 14 years, we have built a platform that allows both farmers and processors to digitise their business, and generate production efficiencies."