- Deal adds offerings tied to solar power, energy storage
- Greentech will become part of Wood Mackenzie subsidiary
Verisk Analytics Inc., the provider of data for insurers and banks, agreed to buy Greentech Media Inc., adding offerings from the renewable-energy and electricity industries.
Greentech will become part of the Wood Mackenzie unit and provide customers with data in solar power, energy storage and smart grids, Verisk said in a statement Tuesday that didn’t disclose terms. The deal is expected to close in the third quarter.
Verisk has been diversifying beyond insurance analytics since its initial public offering in 2009. The company purchased Wood Mackenzie for $2.8 billion last year to expand into the energy, chemicals and mining industries. The Jersey City, New Jersey-based firm was added to the S&P 500 Index last year.
“The energy industry is going through a transformation, and our clients expect coverage in the solar, storage, and smart grid spaces as part of a more integrated energy service,” Wood Mackenzie President Neal Anderson said in the statement. “Greentech Media’s unique knowledge of supply chains and investment trends across those sectors deepens our existing power and renewables coverage and helps position us as a market-leading provider of analysis and insight across the entire energy landscape.”
Verisk shares have advanced 11 percent this year through Monday in New York.