IoT Software Firm Relayr Sold To German Company For $300M

Relayr, an Internet of Things software firm, said on Tuesday that it was sold to a German company in a deal valued at $300 million.

Munich, Germany-based reinsurance company Munich Re said that, through its subsidiary Hartford Steam Boiler (HSB), it acquired 100 percent of relayr, which has its worldwide corporate headquarters in Boston.

With more than 200 employees, relayr offers a device, hardware and sensor-agnostic enterprise middleware platform, which the company says makes it easy to securely connect to any cloud or device.

The companies said that relayr will continue to operate independently “to maintain its distinct company culture, drive innovation and attract IoT talent.”

“IoT is already significantly changing our world and has the potential to disrupt the traditional insurance and reinsurance industry through new business models, services and competitors,” said Torsten Jeworrek, member of Munich Re’s board of management, in a statement. “I am truly happy to announce this acquisition, as it supports our strategy to combine our knowledge of risk, data analysis skills and financial strength with the technological expertise of relayr. This is our basis to develop new ideas for tomorrow’s commercial and industrial worlds.”

Relayr has partnered with HSB and Munich Re since 2016. With the acquisition, Relayr said it will further strengthen its financial and insurance offerings.

Founded in 2013, relayr has raised more than $66 million from investors such as Deutche Telecom Partners, Kleiner Perkins and Munich Re, according to Crunchbase.

In June, relayr and technology distributor Avnet announced a deal that would accelerate the development and delivery of complete end-to-end IIoT solutions to customers throughout the Americas and Europe.