HSB acquires Meshify tech startup
Cloud-based IoT software connects commercial and industrial equipment
Hartford Steam Boiler (HSB), part of Munich Re, today announced it has acquired Meshify, a startup company with technology that connects disconnected devices through the Industrial Internet of Things (IoT). The acquisition supports HSB’s IoT strategy of providing services and technology to help businesses and insurers improve operations and prevent or reduce loss.
“HSB is committed to delivering the technology and services that help businesses and insurers meet the challenges of a connected world and other emerging technologies,” said Greg Barats, president and chief executive officer of HSB. “Meshify’s simple and flexible IoT platform is different than other applications and is uniquely suited to help HSB build its IoT capabilities to meet our customers’ needs.”
Meshify’s complete cloud-based IoT platform makes any device “smart” and provides real-time monitoring, alerts of potential risks and information that improves business operations. It offers software, hardware and services that simplify the collection of data, manages complex monitoring, and displays sensor data in user-friendly web and mobile applications.
“We are excited to join HSB, they clearly share our vision of an efficient and connected world,” said Dane Witbeck, chief executive officer of Meshify. “In addition to being committed to our core industrial business, HSB’s insurance platform and client base is a significant opportunity for Meshify to extend our footprint and power IoT solutions for a broad range of businesses and industries.”
Meshify’s technology applications can be used by all kinds of businesses, are easy to customize and can connect any device or equipment type. HSB will configure Meshify’s platform to provide IoT based services for small and medium size businesses and business chains. Meshify’s software, for example, enables a small business to remotely monitor its operations 24/7, previously not possible, and visually display specific items that need attention.
Meshify will be part of HSB’s IoT services business, providing tech talent, innovation and expertise to develop and enhance offerings to customers served by all parties.
“HSB continues to leverage its technical expertise and knowledge to reinvent itself as it helps clients and partners adapt to new and complex technologies and business practices,” said Peter Röder, member of the Board of Management of Munich Re. “Meshify’s technical capabilities will help strengthen Munich Re’s leadership in responding to digital transformation and the disruption of insurance from IoT.”
Note for the editorial staff
- Usage-Based Insurance Global Study 2016, PTOLEMUS Consulting Group.
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
Meshify has developed software and communication hardware to operate in the growing market of the Internet of Things (IoT). The solution allows Original Equipment Manufacturers (OEM’s) and service providers to convert existing devices to internet-connected products quickly and efficiently. Customers can gain recurring revenue via internet-enabling their devices and providing value with the data to various members of their value chain. Some examples include oil & gas upstream surface equipment, air quality monitoring, energy management systems (boilers, thermostats, temperature sensors), water monitors, gas meters, manufacturing equipment, and many more verticals.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2015, ERGO posted premium income of €17.9bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments (excluding insurance-related investments) amounting to €215bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
Hartford, Connecticut, October 11, 2016
The Hartford Steam Boiler Inspection and Insurance Company
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P.O. Box 5024
Hartford, Connecticut 06102-5024