Vexcel Imaging has signed a definitive agreement to acquire the imagery sourcing group from Verisk’s Geomni business.
The acquisition will combine Geomni’s imagery surveying and content-related teams and assets into Vexcel. Verisk, a data analytics provider, will be a minority owner in Vexcel with full access to all aerial imagery libraries.
The combination of Geomni’s fleet of fixed-wing aircraft and aerial operations, mapping business, and oblique aerial image library together with Vexcel’s sensor business and data program will create the world’s leading geospatial data library.
Geomni’s analytics team and assets will remain part of Verisk and continue to focus on world-class advanced analytics. The team will work closely with Vexcel on a strategic road map and joint projects.
“The strategic alliance between Vexcel and Verisk demonstrates both companies’ resolve to drive rapid innovation across imagery and analytics—to enter new markets, create new categories, and better serve commercial and insurance customers,” said Jeffrey C. Taylor, president of Geomni. “Partnering with Vexcel is a huge leap forward in the services we can provide customers.”
Vexcel Imaging was founded in 1992. The company’s highly successful line of UltraCam systems was launched with the first UltraCam in 2003. Vexcel is headquartered in Boulder, Colorado; operates an office in Graz, Austria; and will now have teams and operational hubs strategically located throughout the United States and in Spain.
“Our alliance with Vexcel benefits our customers through a unified, robust, and rapidly expanding global aerial imagery library that will deepen their understanding of ground truth,” said Mark Anquillare, chief operating officer of Verisk. “The combination of Verisk’s and Vexcel’s data will provide tremendous coverage for customers and help drive Verisk’s proven ability to innovate advanced analytic solutions.”
“By combining forces with Verisk, we’re making a progressive move to accelerate innovation within the geospatial data industry,” said Erik Jorgensen, chairman and CEO of Vexcel Imaging. “Vexcel and Verisk share tremendous synergies, and we look forward to bringing the definitive imagery and geospatial data library to the market—unmatched in its size, quality, and breadth.”
Vexcel maintains a strong partnership with the Geospatial Intelligence Center (GIC), an insurance industry consortium spearheaded by the National Insurance Crime Bureau (NICB), a nonprofit organization dedicated to fighting insurance fraud and crime, and powered by Vexcel’s data program. The GIC empowers its member insurers to improve their decision making and risk management by leveraging aerial imagery and data in visual tools and automated processes. The partnership will provide enhanced support to GIC member insurers in the form of additional flying and processing capabilities as well as access to the newly scaled and unified geospatial library and enhanced analytics.
The transaction is expected to close the first quarter of this year, subject to the completion of customary closing conditions.