Munich Re Acquires Relayr
Through its subsidiary Hartford Steam Boiler (HSB), Munich Re has acquired 100% of relayr, a provider of industrial internet of things (IIoT) solutions, at a $300m valuation.
In 2016, Relayr raised $23m in a Series B round led by Munich Re/HSB Ventures, and the company also announced a partnership with HSB to “craft customized insurance products.” From an initial consultation on the right technology through to overseeing implementation and supporting operations, relayr offers industrial companies seeking to digitise their business a comprehensive range of services. For example, relayr developed a platform which can be used by companies to connect new and legacy hardware and software to extract and analyse data from physical objects such as machines and equipment, making it possible to determine when a machine is likely to fail.
“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.” – Member of Munich Re’s Board of Management, Torsten Jeworrek.
“HSB has always focused on insurance and technology. Back in 2016, HSB invested in relayr in an effort to harness the strategically significant business potential offered by IoT. relayr’s end-to-end IoT solutions for the industrial and commercial sectors are an ideal addition to our Group’s capabilities. relayr will help us to rapidly implement our global strategy to develop new IoT solutions for our clients. Digital transformation in the industrial and commercial sectors offers opportunities for new services and financial applications.” – President and CEO of HSB, Greg Barats.
“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. The unique combination of the companies demonstrates the importance to deliver business outcomes to customers and the need to combine first-class technology and its delivery with powerful financial and insurance offerings. This transaction is a great opportunity to build a global category leader.” – CEO of relayr, Josef Brunner.
Relayr will continue to operate independently.