Descartes Labs has bought all the operating assets of geospatial intelligence services provider Geosite, which serves the property and casualty (P&C) insurance industry.
Financial specifics related to the deal were not shared.
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The acquired company, a software-as-a-service start-up, is backed by Y Combinator.
It has developed a marketplace platform that aggregates, visualises and assesses vital geospatial data, enabling users to make well-informed business decisions.
Geosite said that its platform’s ability to democratise access to information from various sources such as satellites, drones, aerial sources and internet of things devices, has helped enhance the way users integrate geospatial insights into their operations.
With the acquisition of Geosite, Descartes Labs aims to bolster its existing position in the geospatial analytics space.
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By GlobalDataThe deal is also expected to open new revenue growth prospects for Descartes Labs, which offers geospatial analytics and AI solutions.
Geosite CEO Rachel Olney will now be responsible for spearheading the insurance technology division within Descartes Labs.
Towards this end, she will tap Geosite’s commercial P&C insurance risk management expertise, especially the Ascend product, which helps aggregate and visualise geospatial data.
Ascend can also be used for assisting in the quantification and management of portfolio risks associated with natural disasters or catastrophe events.
Olney added: “This strategic move will enable us to accelerate our mission of providing innovative geospatial solutions to a broader audience. We look forward to contributing our expertise and technology to Descartes Labs’ continued success and are excited to bring Descartes Labs technology to our customers in insurance.”
Descartes Labs CEO Richard Davis said: “This acquisition aligns perfectly with our growth strategy and opens up exciting opportunities in the insurance sector. Geosite’s innovative geospatial software complements Descartes Labs’ capabilities, allowing us to provide even more valuable insights to our customers across various industries.”
