Verisk to pay EagleView $125 million in damages

Provider of aerial imagery and data analytics company, EagleView Technologies , has announced a critical legal decision establishing that industry competitors, Xactware and Verisk, willfully infringed its proprietary intellectual property (IP) and that the company is to be awarded $125 million in damages.

The jury verdict demonstrated that Xactware and Verisk utilized EagleView’s innovations and technology without permission and in violation of U.S. patent law. The Court has also issued a temporary restraining order stopping, among other things, Defendants’ sale of Property InSight, Roof InSight, Geomni Roof and Geomni Property, as well as Defendants’ sale or use of Aerial Sketch version 2, after September 25, 2019. This order is in effect until at least October 18.

EagleView, which is now owned by Vista Equity Partners , was to be sold to Verisk – back in 2014 – for $650 million. That deal fell through after the FCC threatened to sue. “The parties’ decision to abandon this transaction preserves competition in the U.S. market for rooftop aerial measurement products used by the insurance industry to assess property claims. A combination of the only two significant competitors in this market would have likely led to higher prices for both insurance companies and consumers.” – Deborah Feinstein, the Director of the FTC’s Bureau of Competition.

“We understand that the ongoing litigation has been a distraction to our customers, and we thank them for standing beside us as we were forced to protect our IP and technology in court. Today’s decision allows us to continue serving all customers. We look forward to continuing to drive innovation via providing data analytics derived from aerial imagery and bringing impactful solutions and superior customer service to our clients across insurance, roofing, energy and government.” – EagleView CEO Rishi Daga.