Jersey City-based Verisk will acquire Genscape, wholly-owned by Daily Mail and General Trust, or DMGT, for $364 million cash.
Genscape, with North American headquarters in Louisville, Ky., operates the largest private network of in-field monitors in the world, Verisk said. The company’s purview runs the commodity and energy spectrum including power, oil, natural gas liquids, agriculture, biofuels and maritime freight.
Verisk said the addition of Genscape to Wood Mackenzie will expand the company’s existing intelligence in energy data and analytics, enhancing its position as a research and consultancy provider for the natural resources industry.
“The agreement also increases the growth potential for our business,” Neal Anderson, president, Wood Mackenzie, said in a prepared statement, calling attention to Genscape’s IoT capabilities, providing customers with access to proprietary data analysis.
“There is limited overlap between Wood Mackenzie’s customer base and the 1,300 customers that Genscape serves,” he added. “This creates a significant opportunity to use our existing solutions for cross-sell to customers of the two businesses and particularly to integrate our proprietary data sets for new analytical insights.”
The transaction is subject to the completion of customary closing conditions.