Acquisition will extend Verisk's expertise in commodities intelligence as part of its Wood Mackenzie business
JERSEY CITY, N.J., Aug. 26, 2019 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, has signed a definitive agreement to acquire Genscape, a global provider of real-time data and intelligence for commodity and energy markets, wholly owned by DMGT (Daily Mail and General Trust [Lon:DMGT]) for $364 million in cash. Genscape will become part of Wood Mackenzie, a Verisk business, and will enhance Wood Mackenzie's existing sector intelligence in energy data and analytics.
Genscape operates the world's largest private network of in-field monitors and distributes industry-leading alternative energy data, delivering market intelligence across the commodity and energy spectrum, including power, oil, natural gas, natural gas liquids, agriculture, biofuels, and maritime freight. This will further enhance Wood Mackenzie's leading research and consultancy across the natural resources sectors.
"With Genscape joining Wood Mackenzie, our customers will now better understand the defining issues facing key energy commodities-over the long term with Wood Mackenzie's existing offerings and in the short term through Genscape's offerings," said Neal Anderson, president, Wood Mackenzie. "With the immediacy and global reach of Genscape's IoT sensors, customers have access to proprietary data analytics."
"The agreement also increases the growth potential for our business," added Anderson. "There is limited overlap between Wood Mackenzie's customer base and the 1,300 customers that Genscape serves. 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."
"We're very excited about this combination," said Jon Ecker, chief executive officer of Genscape. "Our content, analytics, and services complement each other extremely well, and the combination will bring significant added value for our customers. We're looking forward to working with Verisk and Wood Mackenzie to see what the energy future holds."
"Genscape and its real-time and historical data, forecasts, analytical insights, tools, and software solutions will be a valuable addition to both Wood Mackenzie and Verisk," added Scott Stephenson, chairman, president, and chief executive officer of Verisk.
The transaction is subject to the completion of customary closing conditions.
About Genscape
Founded in 1999, Genscape is a leading global provider of real-time data and intelligence for commodity and energy markets.
Today, Genscape operates the world's largest private network of in-field monitors and has added satellite reconnaissance, artificial intelligence, and maritime freight tracking to its data acquisition capabilities. Genscape delivers its unique brand of unsurpassed market intelligence across the commodity and energy spectrum, including power, oil, natural gas, NGL, agriculture, biofuels, and maritime freight. For more information, visit https://www.genscape.com/ (https://www.genscape.com/).
About Wood Mackenzie
Wood Mackenzie, a Verisk (Nasdaq:VRSK) business, is a trusted source of technical and commercial intelligence for the world's natural resources sector. Wood Mackenzie empowers clients to make better strategic decisions, providing objective analysis and advice on assets, companies, and markets. For more information, visit www.woodmac.com (http://www.woodmac.com/) or follow us on Twitter @WoodMackenzie (https://twitter.com/WoodMackenzie).
About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500 Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com (http://www.verisk.com).
