Munich Re has acquired 100 per cent of industrial internet of things solution relayr in a $300m deal.
Following the transaction, relayr will join Munich Re but will continue to operate independently, in order to keep its distinct company culture, drive innovation and attract IoT talent. The company will benefit from the stability and financial strength of Munich Re/HSB and access new prospects through its large client base and expertise to build new products.
relayr initially partnered with HSB and Munich Re in 2016 and this acquisition will help to strengthen its financial and insurance offerings.
Boston-headquartered relayr builds industrial IOT solutions to help companies to optimise their data usage to improve equipment, machines and production lines to improve business outcomes. One of the applications the company has built enables businesses to connect their new and legacy hardware and software to analyse data from equipment.
Munich Re board of management member Torsten Jeworrek said, “IoT is already significantly changing our world and has the potential to disrupt the traditional insurance and reinsurance industry through new business models, services and competitors.
“I am truly happy to announce this acquisition, as it supports our strategy to combine our knowledge of risk, data analysis skills and financial strength with the technological expertise of relayr. This is our basis to develop new ideas for tomorrow’s commercial and industrial worlds.”
Earlier in the year, Munich Re/HSB took part in the Series B funding round of online insurance support platform Bought By Many. The company connects groups with similar insurance needs to negotiate with insurers and get discounts.
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