Verisk Analytics has agreed to acquire EagleView Technology Corporation (“EVT”), the parent company of Pictometry International Corp., and Eagle View Technologies, in a $650 million deal.
EVT provides geo-referenced aerial image capture and visual-centric data analytics and solutions to insurers, contractors, government, and commercial customers. State Farm is among its users.
EVT was formed in January 2013 as a result of a combination of Pictometry International Corp. (Rochester, N.Y.), and Eagle View Technologies, (Bothell, Wash.) The combined company maintains one of the most comprehensive image libraries, covering more than one million square miles, and approximately 90% of total U.S. structures, according to the companies. It has developed technology for image capture and processing as well.
“The acquisition of EVT advances our position in the imagery analytics market, adding new municipal and commercial customers. The transaction supports the aerial imagery solution development that has been under way at our Xactware unit,” said Scott Stephenson, president and chief executive officer of Verisk Analytics, in a statement.
Jim Loveland, president and CEO of Verisk’s Xactware business, added, “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. We also intend to enhance solutions that EVT is currently providing to the municipal, government, and other commercial markets.”