Jersey City-based Verisk, a data analytics provider, announced Wednesday it will acquire BuildFax, a Austin, Texas-based provider of property condition and history data.
Under the deal, BuildFax will become part of ISO, a Verisk business, and will help enhance ISO’s existing property data and analytics.
“Property insurers have traditionally made underwriting decisions without important information about the condition of a building’s roof, electrical system, and plumbing,” Neil Spector, president of ISO, said. “The data that BuildFax provides about building conditions is transforming property underwriting, both at inception and renewal. We’ve been using BuildFax data for years in our powerful Roof Age estimation tool, and we look forward to leveraging the company’s other data in new and unique ways.”
Financial terms were not disclosed.
“Verisk has become a global leader in developing innovative analytics for decision making,” Holly Tachovsky, president of BuildFax, said. “Becoming part of the Verisk family will enable us to augment our solutions, expand our reach, and provide added value to our customers.”