German reinsurance firm Munich Re, through its subsidiary Hartford Steam Boiler (HSB), has agreed to take the sole ownership of local technology firm Relayr.

The deal values the technology provider at $300m.

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The acquired entity offers solutions in the area of internet of things (IoT). It has offices in Germany, the US, UK, and Poland and employs nearly 200 staff.

The technology of Relayr facilitates extraction and assessment of data from physical objects such as machines to determine when the object should be serviced. Its technology can also be utilised to secure critical business data.

relayr will retain its operational independence following the acquisition. The deal is subject to regulatory approval, which is anticipated within the next four to six weeks.

Munich Re board of management member Torsten Jeworrek said: “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.

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“This is our basis to develop new ideas for tomorrow’s commercial and industrial worlds.”

The latest deal builds on the technology firm’s partnership with the insurer since 2016.

HSB president and CEO Greg Barats said: “Back in 2016, HSB invested in Relayr in an effort to harness the strategically significant business potential offered by IoT. Relayr’s end-to-end IoT solutions for the industrial and commercial sectors are an ideal addition to our Group’s capabilities.

“Relayr will help us to rapidly implement our global strategy to develop new IoT solutions for our clients.”