Reinsurer Munich Re has announced that via its subsidiary Hartford Steam Boiler (HSB), it has acquired the software company relayr, of which it will hold 100% of the shares upon completion.
German reinsurer stated that relayr offers industrial players end-to-end solutions in the area of IoT and digitalization.
The company has around 200 employees working in offices in seven cities in the US, UK, Germany and Poland.
relayr has won multiple awards highlighting the success and high recognition of the company – amongst others it was named “Hottest Internet of Things Startup” at the Europas Tech Startup Awards and won the McKinsey’s and Handelsblatt’s Spark Award for Best Digital Company.
Torsten JEWORREK, member of MUNICH Re’s Board of Management: “The Internet of Things is already changing our world and has the potential to disrupt the traditional insurance and reinsurance industry through new business models, services and competitors. This acquisition is a clear example of our strategy: we are combining our own knowledge of risk, data analysis skills and financial strength with relayr’s technological expertise. This is our basis to develop new ideas for tomorrow’s commercial and industrial world.”