On April 2, Descartes Labs, a provider of geospatial analytics and artificial intelligence solutions, announced that it acquired all of the operating assets of Geosite, a SaaS provider of geospatial intelligence to property and casualty insurance companies. This strategic move will unlock new revenue growth opportunities and further strengthen Descartes Labs’ position in the geospatial analytics market.
Richard Davis, CEO at Descartes Labs, expressed enthusiasm about the strategic move. “This acquisition aligns perfectly with our growth strategy and opens up exciting opportunities in the insurance sector. Geosite’s innovative geospatial software complements Descartes Labs’ capabilities, allowing us to provide even more valuable insights to our customers across various industries.”
Rachel Olney, CEO of Geosite, will be leading the insurance technology business within Descartes Labs, leveraging Geosite’s expertise in commercial property and casualty insurance risk management, particularly with its Ascend product, which aggregates and visualizes geospatial data assisting in quantifying and managing portfolio risk related to natural catastrophe events.
“We are thrilled to join forces with Descartes Labs,” she said, “This strategic move will enable us to accelerate our mission of providing innovative geospatial solutions to a broader audience. We look forward to contributing our expertise and technology to Descartes Labs’ continued success and are excited to bring Descartes Labs technology to our customers in insurance.”
Descartes Labs and Geosite share a commitment to innovation and this acquisition represents a significant step towards providing enhanced geospatial solutions to meet the evolving needs of clients in various industries.
Source: Descartes Labs
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