HSB Group (HSB), part of Munich Re, has completed the acquisition of Industrial Internet of Things (IIoT) technology firm relayr

Under the terms of the deal, HSB purchased 100% of relayr’s shares and equity interests for $251.7m in cash after accounting for the 15.51% of HSB’s earlier minority interest in the company.

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relayr offers IoT middleware, customised software and consulting to support the digital transformation of industrial and mid-sized companies.

The acquisition of relayr is part of the German insurance giant’s strategy to combine insurance and financial strength with expertise of technology companies.

Originally announced on 4 September this year, the transaction was funded through a capital contribution from Munich Re.

HSB president and CEO Greg Barats said: “There are tremendous opportunities to develop new insurance and other financial products that provide assurance to industrial and commercial companies looking to make significant investments in IoT.

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“This acquisition enables relayr to offer a unique combination of IoT consulting and software with the financial assurance of a warranty.”

relayr, though part of Munich Re, will continue to operate autonomously and will retain its distinct start-up culture to drive innovation and attract IoT talent.

Additionally, relayr will report to Barats who is also global lead of Munich Re’s IoT business.

Relayr CEO Josef Brunner said: “We are delighted to strengthen our relationship with HSB to push digitalisation in commercial and industrial markets and strive for our mission to help commercial and industrial businesses stay relevant.

“The unique combination of the companies demonstrates the importance to deliver business outcomes to customers and the need to combine first-class technology and its delivery with powerful financial and insurance offerings. This transaction is a great opportunity to build a global category leader.”