Under the deal, Verisk, a Jersey City-based data analytics provider, will become a minority owner in Vexcel with full access to all aerial imagery libraries. It will also combine Geomni’s imagery surveying and content-related teams and assets — which will remain part of Verisk — into Vexcel.
“The strategic alliance between Vexcel and Verisk demonstrates both companies’ resolve to drive rapid innovation across imagery and analytics—to enter new markets, create new categories, and better serve commercial and insurance customers,” Jeffrey C. Taylor, president of Geomni, said. “Partnering with Vexcel is a huge leap forward in the services we can provide customers.”
The deal is expected to close in the first quarter of 2020. Financial terms were not disclosed.
“By combining forces with Verisk, we’re making a progressive move to accelerate innovation within the geospatial data industry,” Erik Jorgensen, chairman and CEO of Vexcel Imaging, said. “Vexcel and Verisk share tremendous synergies, and we look forward to bringing the definitive imagery and geospatial data library to the market—unmatched in its size, quality, and breadth.”