Vexcel Imaging, an aerial imagery data software provider, has acquired a division of Verisk to support a new partnership.
The deal will see Vexcel purchase the imagery sourcing group of Verisk’s Geomni business and combine it with its own services.
Following the close of the deal, Verisk will become a minority owner in Vexcel and have full access to all aerial imagery libraries.
The goal of this partnership is to help improve innovation within imagery and analytics to enter new markets, build new categories and better serve commercial and insurance customers.
By working together, Vexcel will build a geospatial library which encompasses its sensor business and data programme and Verisk’s fleet of fixed-wing aircraft and aerial operations, mapping business and oblique image library.
Vexcel chairman and CEO Erik Jorgensen said, “By combining forces with Verisk, we’re making a progressive move to accelerate innovation within the geospatial data industry. Vexcel and Verisk share tremendous synergies, and we look forward to bringing the definitive imagery and geospatial data library to the market—unmatched in its size, quality, and breadth.”
Verisk Geomni’s analytics team and assets will remain a part of Verisk but will work closely with Vexcel on a strategic road map.
Last year, Verisk acquired FAST, a software company for the life insurance and annuity industry, in a deal worth $193.5m.
Verisk is a data and analytics platform for the insurance, financial services and energy markets. It offers predictive analytics and decision supports to help customers with rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting and more.
Copyright © 2020 FinTech Global