Munich Re via HSB acquired German IoT middleware startup relayr and will own 100 percent of the company, valued at US$300 million after this transaction.
The joint business model will advance Munich Re’s IoT strategy and develop solutions for clients, offering not only technology but also risk management, data analysis, and financial instruments.
Amsterdam, 6 September 2018 – Startupbootcamp Amsterdam alumnus relayr, an end-to-end commercial and industrial Internet of Things (IoT) solution, has been acquired by insurance group Munich Re in a deal worth $300 million.
Relayr was founded in 2013 as one of the pioneering IoT solutions at the time. At the end of 2013, they successfully took part in a 3-month NFC & Contactless accelerator program at StartupbootcampAmsterdam, one of the world’s leading startup and corporate innovation programs. Since then, relayr has maintained its current focus on IoT for the industrial sector, quickly becoming the leading IoT solution and one of the most promising Startupbootcamp portfolio companies worldwide.
Named as one of the top 3 European Startups in 2017, this week’s acquisition marks the pinnacle of its success and will put relayr in the position to evolve its innovative value stack, enabling new revenue models, cost reduction, and increased effectiveness across industries. Relayr will maintain its current focus on providing first-class IIoT technology solutions to deliver business outcomes to a growing customer base.
Patrick de Zeeuw, CEO and co-founder of Startupbootcamp commented: “The success of relayr is largely due to the vision, strategy, and execution power of the team. When we first met them in 2013 we were impressed about the experience they had as entrepreneurs. Next to this, some team members had a strong background in the corporate tech industry and had leading positions at Cisco. During the Startupbootcamp program we helped them to further develop their vision and strategy and bring their first MVP’s to market. Although we could not foresee that relayr would grow to such a scale in such a short period of time we immediately felt that the startup had a tremendous potential, and we became one of its first investment partners.”
“We want to thank Startupbootcamp for believing in us, taking control of our calendars for 3 months, making us pitch 5 times a day, and forcing us to move to a rainy Amsterdam for 3 months (though we never really saw any of it). It was important for us to be able to engage with so many valuable mentors and get their feedback, leveraging Startupbootcamp’s extensive network, get all the pitch training, and be truly accelerated. Without your program it would never have happened,“ added Jackson Bond, co-founder at relayr.
Startupbootcamp has accelerated over 600 startups and scaleups worldwide. The acquisition of relayr, marks 24 successful alumni exits to date.
Full press release by relayr can be seen here
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Relayr is the Industrial Internet of Things (IIoT) powerhouse delivering the most complete solution for risk-free digital transformations. We unleash data insights from existing equipment, machines and production lines to improve our customers’ business outcomes. We enable industrial companies to shift from CAPEX to OPEX-based offerings to their respective markets, providing a unique combination of first-class IIoT technology and its delivery with powerful financial and insurance offerings — all from a single source trusted by hundreds of companies worldwide. For more information, please visit: relayr.io