An online marketplace for buying and selling cattle that was launched in 2015 has closed, as of Monday, April 16.
AgriClear sent a notice to participants and stakeholders last week that a decision had been made to discontinue the AgriClear platform and website.
“After careful consideration of the challenges in creating a robust online livestock marketplace, we have concluded that we can no longer sustain the business,” says the email.
“We have been told by many of you (on numerous occasions) that the model is right, and the vision is sound, which has only made this decision that much more difficult.”
The platform enabled producers to market or buy animals via the internet, with the buyers and sellers driving the transaction process. They could negotiate contracts and delivery details, while AgriClear facilitated the payment. The idea was that a web-based exchange would offer a lower cost structure and an expanded market.
AgriClear says the guarantee fund set up to provide security for payments will also be cancelled effective April 16th.
A subsidiary of the TMX Group, AgriClear originally had offices in Calgary, Houston, Bowling Green (Kentucky), and Greeley (Colorado).