Munich Re has acquired 100 per cent of ‘relayr’, a leading provider of Industrial Internet of Things (IIoT) solutions, at a valuation of US $300 million, relayr said in an announcement today. The acquisition was made through Munich Re’s subsidiary Hartford Steam Boiler (HSB).
This will enable the companies to actively shape opportunities in the fast-growing IoT market, it stated. The joint business model will develop solutions for clients, offering not only technology but also risk management, data analysis and financial instruments.
However, relayr will continue to operate independently to maintain its distinct company culture, drive innovation and attract IoT talent. As part of the Munich Re/HSB network, relayr will benefit from the group’s stability and financial strength, access to new prospects through the group’s large client base and financial engineering expertise that will help create new solutions.
“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.”
Torsten Jeworrek, member of Munich Re’s board of management, said, adding, “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.”
Relayr has partnered with HSB and Munich Re since 2016.
The acquisition will put relayr in the position to evolve its innovative value stack, enabling new revenue models, cost reduction, and increased effectiveness across industries, the announcement stated. Moreover, relayr will maintain its current focus on providing first-class IIoT technology solutions to deliver business outcomes to a growing customer base. Furthermore, the acquisition will also underpin relayr’s position as a long-term business partner.
Josef Brunner, CEO of relayr, said in a statement, “We are delighted to strengthen our relationship with Munich Re/HSB to push digitalization in commercial and industrial markets and strive for our mission to help commercial and industrial businesses stay relevant.”
Image Credit: relayr