Verisk Analytics to buy Pictometry parent
By - 1/14/2014 11:21:34 PM
Verisk Analytics Inc. has inked an agreement to acquire EagleView Technology Corp., the parent company of Rochester-based Pictometry International Corp.
Headquartered in New Jersey, the publicly traded Verisk (Nasdaq:VRSK) agreed to pay $650 million in cash to EVT shareholders. Verisk expects to receive some $25 million in tax benefits through the transaction. Plus, its minority equity ownership in EVT will allow Verisk to reduce the cash payment by roughly $13 million.
The acquisition is expected to close by July 15.
EVT is based in Rochester and Bothell, Wash. The company was formed a year ago with the merger of Pictometry and Eagle View Technologies Inc. It has image libraries covering more than 85 percent of the U.S. population and provides aerial imagery, data analytics and GIS solutions.
Verisk is a provider of information about risk to clients in insurance, health care, mortgage, government and risk management. It uses advanced technologies to collect and analyze billions of records, and to provide predictive analytics.
In 2012, Verisk earned $329 million on revenues of $1.5 billion, compared with a $283 million profit on revenues of $1.3 billion the year before.
Its stock was trading late Tuesday at $60 a share, in the middle of a 52-week range of $53.42 to $69.09
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