Relayr takeover
Munich Re continues to expand its IoT strategy
With the acquisition of Relayr, Munich Re wants to take its IoT strategy a big step forward. The joint business model combines technology, risk expertise, data analysis and financial services.
After announcing a partnership with Bosch in February, Munich Re is continuing to refine its IoT program. As part of this, the reinsurance company will acquire 100% of Relayr, an IIoT software provider, via its Group company Hartford Steam Boiler (HSB), with an estimated enterprise value of USD 300 million. The company provides solutions for the digital transformation of industries and is intended to support Munich Re's IoT strategy.
Relayr will continue to operate independently and will retain its dynamic corporate culture in order to drive innovation and attract IoT talent. Users will also benefit from even more comprehensive insurance and financing offerings to transform their business models.
The joint business model will combine Relayr's technology and services with HSB's expertise in risk mitigation through IoT and engineering consulting. Together with Munich Re's financial instruments, solutions can be created that help companies to secure their business success.
"The Internet of Things is already impacting our world and has the potential to fundamentally change traditional insurance and reinsurance. It enables new business models and services and brings new competitors to the market", said Torsten Jeworrek, member of Munich Re's Board of Management. "This acquisition clearly follows our strategy of combining our own risk knowledge, data analytics capabilities and financial strength with Relayr's technological expertise. On this basis, we want to develop new ideas for the future of trade and industry."
The transaction is expected to be completed in the next four to six weeks once the relevant regulatory authorities have given their approval.
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