Aerial imagery firm to be acquired for $650mn

Aerial imagery firm to be acquired for $650mn

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US: Verisk Analytics, a supplier of risk information to insurers and banks, has recently announced that it will pay $650 million in cash to acquire EagleView Technology, a provider of 3D roof measurement and analysis based on a library of aerial imagery covering over a million square miles and about 90 percent of total U.S. structures. Based in Jersey City, Verisk uses proprietary data sets to provide predictive analytics and decision support to customers underwriting fraud prevention, actuarial science, data management, insurance coverages, fire protection, and catastrophe and weather risk. Verisk expects to complete the deal by July 2014.

“This acquisition will allow us to enhance our existing claims and underwriting software tools and expand the solutions we can offer to our existing property/casualty customers,” said Jim Loveland, CEO of Verisk's Xactware business.

Source: Sparpoint group