Verisk 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) for US$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, NGLs, 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 1300 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.
Read the article online at: https://www.hydrocarbonengineering.com/refining/27082019/verisk-to-acquire-genscape/