HSB Acquires Industrial IoT Startup Meshify

Meshify’s cloud-based IoT platform connects commercial and industrial equipment and provides real-time monitoring, alerts of potential risks, and information to improve business operations.

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Hartford Steam Boiler (HSB, Hartford), part of Munich Re,  has acquired Meshify (Houston), a startup whose technology connects disconnected devices through the industrial Internet of Things (IoT). HSB characterizes the acquisition as supporting the company’s IoT strategy of providing services and technology to help businesses and insurers improve operations and prevent or reduce loss.

Greg Barats, CEO, HSB.

Greg Barats, CEO, HSB.

“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,” comments Greg Barats, president and CEO, HSB. “Meshify’s simple and flexible IoT platform is different than other applications and is uniquely suited to help HSB build its IoT capabilities to meet our customers’ needs.”

‘Smart’ Network

Meshify’s cloud-based IoT platform unites devices within a “smart” network and provides real-time monitoring, alerts of potential risks and information that can be used to improve business operations. The platform offers software, hardware and services that simplify the collection of data, manage complex monitoring, and display sensor data in what HSB calls a user-friendly web and mobile applications.

“We are excited to join HSB, they clearly share our vision of an efficient and connected world,” comments Dane Witbeck, CEO, Meshify. “In addition to being committed to our core industrial business, HSB’s insurance platform and client base is a significant opportunity for Meshify to extend our footprint and power IoT solutions for a broad range of businesses and industries.”

Dane Witbeck, CEO, Meshify.

Dane Witbeck, CEO, Meshify.

Suitable for All Kinds of Businesses

HSB reports that Meshify’s technology applications can be used by all kinds of businesses, are easy to customize and can connect any device or equipment type. HSB will configure Meshify’s platform to provide IoT based services for small and medium-sized businesses and business chains. To illustrate how the technology could be applied, Meshify’s software could a small business to remotely monitor its operations 24/7 and visually display specific items that need attention—capabilities that were previously impossible.

Meshify will be part of HSB’s IoT services business, providing tech talent, innovation and expertise to develop and enhance offerings to customers served by all parties, according to HSB.

“HSB continues to leverage its technical expertise and knowledge to reinvent itself as it helps clients and partners adapt to new and complex technologies and business practices,” comments Peter Röder, member of the Board of Management of Munich Re. “Meshify’s technical capabilities will help strengthen Munich Re’s leadership in responding to digital transformation and the disruption of insurance from IoT.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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