HSB Group Inc. acquires IIoT technology company relayr Inc.

relayr will retain its brand and will remain an independent entity within HSB Group.

“We are delighted to strengthen our relationship with HSB to push digitalization in commercial and industrial markets and strive for our mission to help commercial and industrial businesses stay relevant,” Josef Brunner, chief executive officer of relayr, said in a press release. (Image: Shutterstock)

HSB Group Inc., part of Munich Re, has acquired relayr Inc., a global Industrial Internet of Things (IIoT) technology company. HSB acquired 100% of relayr’s shares and equity interests for $251.7 million in cash after accounting for the 15.51% of HSB’s previous minority interest in the company.

relayr provides IoT middleware, customized software and consulting to support the digital transformation of industrial and mid-sized commercial companies. The acquisition strengthens and broadens the technology expertise accessible to HSB and Munich Re to meet the growing demand for IoT solutions in the commercial and industrial market.

“There are tremendous opportunities to develop new insurance and other financial products that provide assurance to industrial and commercial companies looking to make significant investments in IoT,” Greg Barats, president and CEO of HSB, said in a press release. “This acquisition enables relayr to offer a unique combination of IoT consulting and software with the financial assurance of a warranty.”

Related: Cincinnati Financial to acquire MSP Underwriting Limited from Munich Re

Recommended Stories