SANTA FE, N.M. — (BUSINESS WIRE) — April 2, 2024 — Descartes Labs, a leading provider of geospatial analytics and artificial intelligence solutions, announced today 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.
About Descartes Labs
Descartes Labs, Inc., is at the forefront of addressing global challenges through cutting-edge scientific solutions. Our mission is to equip customers with rapid and efficient tools to meet operational demands by leveraging extensive datasets worldwide. Utilizing advanced science, particularly machine learning and artificial intelligence (AI), we tackle pressing issues with innovative analysis. Our method involves converting vast global data into actionable insights at an accelerated pace. Harnessing the capabilities of machine learning and AI, we empower customers to address operational needs swiftly and effectively. Rooted in a continually expanding portfolio of dual-use commercial products and capabilities, our solutions provide unique advantages, all driven by our core technology stack.
About Geosite
Geosite, a dynamic startup supported by Y Combinator, is on a mission to revolutionize the geospatial landscape with its innovative marketplace platform. Our cutting-edge platform meticulously aggregates, visualizes, and evaluates essential geospatial data, empowering users to make informed decisions that drive business success. Leveraging data from satellites, drones, aerial sources, and IoT devices, we democratize access to critical information in a user-friendly and comprehensive manner. Through Geosite, users can seamlessly integrate geospatial insights into their daily operations and management workflows, enhancing efficiency and productivity. Our overarching goal is to ensure widespread accessibility to invaluable geospatial data, catalyzing progress and innovation across industries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240402968801/en/
Contact:
Tanya Cross
VP of Marketing, Descartes Labs
tanya.cross@descarteslabs.com