Jersey City-based Verisk, a data analytics provider, announced Monday it has agreed to acquire Genscape for $364 million.
Under the deal, Genscape will become part of Wood Mackenzie, a Verisk business, and will enhance the unit’s existing sector intelligence in energy data and analytics, Verisk said.
“With Genscape joining Wood Mackenzie, our customers will now better understand the defining issues facing key energy commodities — over the long term with Wood Mackenzie’s existing offerings and in the short term through Genscape’s offerings,” Neal Anderson, president, Wood Mackenzie, said. “With the immediacy and global reach of Genscape’s IoT sensors, customers have access to proprietary data analytics.
Louisville, Kentucky-based Genscape, wholly-owned by DMGT, is a provider of real-time data and intelligence for the commodity and energy markets.
“We’re very excited about this combination,” Genscape CEO Jon Ecker said. “Our content, analytics, and services complement each other extremely well, and the combination will bring significant added value for our customers. We’re looking forward to working with Verisk and Wood Mackenzie to see what the energy future holds.”
The deal is subject to customary closing conditions.
“Genscape and its real-time and historical data, forecasts, analytical insights, tools, and software solutions will be a valuable addition to both Wood Mackenzie and Verisk,” Scott Stephenson, chairman, CEO and president of Verisk, said.
