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Descartes Labs Accelerates Growth with Strategic Acquisition of Geosite

By Eric Van Rees - 4th April 2024 - 07:41

Descartes Labs, a provider of geospatial analytics and artificial intelligence solutions, announced 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.

Read More: Location Intelligence Insurance

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