Verisk Analytics, Inc. VRSK has signed a deal to acquire property condition and history data provider BuildFax for an undisclosed amount. BuildFax delivers data on construction, roof age, solar installations, remodeling, major systems and maintenance history.
BuildFax will become a part of Verisk subsidiary, ISO which is a provider of statistical, actuarial, underwriting, and claims information and analytics, information about specific locations, fraud identification tools, policy language, and technical services. The acquisition is expected to enhance its property data and analytics.
Neil Spector, president of ISO, stated, “We’ve been using BuildFax data for years in our powerful Roof Age estimation tool, and we look forward to leveraging the company’s other data in new and unique ways.”
We believe that the buyout will boost Verisk’s Insurance segment that offers analytics in the areas of underwriting & rating, claims, catastrophe modeling and repair cost estimating. Performance of the segment was particularly strong in the last reported quarter with revenues of $468.5 million, up 9.1% year over year on a reported basis and 7.8% at organic constant currency (cc).
The buyout is expected to help Verisk better compete with the likes of FactSet FDS, Fidelity FIS and Fiserv FISV.
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