Source: RelayrBoston-based IoT middleware startup Relayr announced today that it has been acquired by German reinsurance company Munich Re, in a transaction valued at $300 million.

Relayr offers end-to-end commercial and industrial IoT solutions, from initial consultation on the right technology to overseeing implementation and supporting operations. The company will continue to operate independently in order to maintain its company culture, drive innovation and attract IoT talent.

The acquisition, completed through Munich Re subsidiary Hartford Steam Boiler (HSB), is designed to propel Munich Re's IoT strategy while allowing Relayr to benefit from the stability and financial engineering expertise of the Munich Re/HSB network. Relayr will also realize access to new prospects through the group's large client base.

Relayr has partnered with HSB and Munich Re since 2016, which has enabled it to supplement its industrial IoT offering with financial and insurance-related components.

The company will be represented at Booth 121867 in the Digital Factory space of the International Manufacturing Technology Show (IMTS), which runs September 10-15, 2018, in Chicago.