It was barely two months ago that Munich Re announced it was snapping up industrial Internet of Things (IoT) technology firm relayr as part of its digital strategy. Now its subsidiary Hartford Steam Boiler (HSB) has completed the deal.
Through a capital contribution from Munich Re, HSB acquired 100% of relayr’s shares and equity interests for US$251.7 million (about AU$356.1 million) in cash after accounting for the 15.51% of its previous minority interest. The swoop will see relayr reporting to HSB president and chief executive Greg Barats, who also serves as global lead of Munich Re’s IoT business.
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