Munich Re's Hartford Steam Boiler (HSB) subsidiary has acquired the Berlin based industrial IoT provider for $300m. Relayr will continue to operate independently while strengthening its insurance offerings and selling into HSB's client base.
Led by Josef Brunner, CEO, relayr provides industrial companies with a comprehensive range of services from an initial consultation on the right technology through to overseeing implementation and supporting operations. The company has developed a platform which can be used by companies to connect new and legacy hardware and software to extract and analyze data from physical objects such as machines and equipment. With relayr’s IoT solutions, companies can obtain critical business data which can be used to improve processes and thus profitability. Since it began to cooperate with HSB in 2016, the company’s offering has been supplemented by financial and insurance-related components.