Houston IoT Software Startup Meshify Bought by Specialty Insurer HSB
Houston—Meshify, a startup that makes software for the Internet of Things, has been acquired by Hartford Steam Boiler, a subsidiary of global insurer Munich Re, the companies announced in a press release.
Terms of the deal were not disclosed. Meshify says its software, hardware, and services simplify the collection of data, manage device and data monitoring, and display sensor data in user-friendly Web and mobile applications. The Houston-based startup will become part of HSB’s IoT services business, which will use Meshify’s software for small to medium-sized businesses and business chains, according to the companies.
“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, HSB’s president and chief executive officer, in the press release Tuesday.
Dane Witbeck, Meshify’s co-founder and chief executive officer, said the acquisition will allow the company to branch out of its core industrial customer base into other industries. “Meshify’s technical capabilities will help strengthen Munich Re’s leadership in responding to digital transformation and the disruption of insurance from IoT,” Peter Röder, a member of the board of management of Munich Re, said in the release.
Meshify was part of the second class of Surge Accelerator cleantech startups in 2013.