Germany-based Munich Re, a provider of reinsurance, primary insurance and insurance-related risk solutions, has acquired industrial internet of things (IIoT) company Relayr, for $300 million.

Relayr provides enterprise middleware and IoT solutions – the company has around 200 employees working in offices in seven cities in the US, UK, Germany and Poland. The acquisition was made via Munich Re subsidiary Hartford Steam Boiler (HSB).

Since it began to partner with HSB in 2016, relayr’s offering has been supplemented by financial and insurance-related components, said a statement from Munich re. According to Torsten Jeworrek, member of Munich Re’s board, “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. 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.”

The closing of the transaction is subject to regulatory approvals, which are expected to be obtained within the next four to six weeks, according to Munich Re.

[Image courtesy: relayr]