Insurance giant Munich Re buys internet of things company Relayr in $300m deal

Tuesday 4 September 2018 1:34 pm Insurer Munich Re announced today the acquisition of tech company Relayr which focuses on the “internet of things” in the industrial sector.The deal values the company at $300m (£233m)  and is part of Munich Re’s move to create new business models in the industrial internet of things sector. Insurance giant Munich Re buys internet of things company Relayr in $300m deal Read more: Private equity firm Apollo takes Aspen Insurance private in $2.6bn dealRelayr provides services to industrial companies looking to digitise their business.These include platforms which can be used by companies to connect hardware and software to extract and analyse data from objects such as machines and equipment.The data can then be used to help determine when a machine needs fixing or if it is likely to fail.Munich Re management board member Torsten Jeworrek said: “The internet of things is already changing our world and has the potential to disrupt the traditional insurance and reinsurance industry through new business models, services and competitors. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryHouse CoastPregnant Beggar Was Asking for Help, But Then One Woman Followed HerHouse CoastZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen Heraldinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.commoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutBetterBe20 Stunning Female AthletesBetterBeTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal Past More From Our Partners 980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Share Read more: Value of inward UK M&A deals fell by £15.8bn in Q2“This acquisition is a clear example of our strategy: we are combining our own knowledge of risk, data analysis skills and financial strength with Relayr’s technological expertise. This is our basis to develop new ideas for tomorrow’s commercial and industrial world.”Although Relayr will become part of Munich Re it will continue to operate autonomously and the company said it will “retain its distinct start-up culture” in order to drive innovation and attract talent.The transactions is subject to regulatory approval and is expected to close within the next four to six weeks. James Booth whatsapp

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