How CNH’s 'black belt' M&A head makes deals

In 2019, Lombardi transitioned to a new role within CNH's corporate venture capital, leveraging his extensive experience from the company's business development group. He describes this phase as starting "from scratch," yet he views the current climate for corporate venture capital in agtech as promising, despite the challenges of securing venture investments in the sector. Lombardi notes that the agtech industry experienced a "euphoric phase" a few years ago, leading to inflated valuations, but he believes the lessons learned during this period will benefit his team moving forward. With two decades of experience at CNH, Lombardi has cultivated a robust network across the company's diverse agriculture and construction equipment divisions. This extensive background allows him to prioritize strategic partnerships over immediate financial returns, as CNH has consistently generated around $20 billion in revenue annually for the past three years. His approach to mergers and acquisitions involves collaborating with employees from various CNH sectors to assess potential startups, ensuring that the technology aligns with industry needs. Lombardi emphasizes the importance of personal connections in his selection process, focusing on the character and openness of individuals behind the technology. He believes that understanding a person's vulnerabilities can provide insight into their potential for collaboration and innovation. This human-centric approach is central to his strategy in identifying promising ventures that can make a significant impact in the agtech landscape.