Munich Re, through its subsidiary Hartford Steam Boiler (HSB), has acquired 100% of relayr, a Berlin, Germany and Boston, MA-based provider of industrial internet of things (IIoT) solutions, at a valuation of US$300m.
While becoming part of Munich Re, relayr will continue to operate independently strengthening its financial and insurance offerings and expanding through the group’s large client base and leveraging its domain expertise to further grow its business.
The company will maintain its current focus on providing IIoT technology solutions to a growing customer 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.