News

09:15 PM
Connect Directly
Facebook
Google+
LinkedIn
Twitter
RSS
E-Mail
50%
50%

Verisk Buys EagleView for $650 Million

The buy extends the analytics company's aerial imagery.

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.

[Verisk CMO: How insurers can adopt advanced mobile technology]

“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.”

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
KBurger
50%
50%
KBurger,
User Rank: Author
1/16/2014 | 6:05:14 PM
re: Verisk Buys EagleView for $650 Million
There has got to be huge potential to incorporate imagery and visualization in so many aspects of the insurance business -- underwriting, risk management, claims, potentially fraud and loss prevention, even facilities planning and management. This seems like a very smart deal for Verisk.
Register for Insurance & Technology Newsletters
White Papers
Current Issue
Slideshows
Video