A Bothell company that provides aerial imagery to the insurance and construction industries, and to the government, is being sold for $650 million in cash.
EagleView Technology Corp. is being acquired by New Jersey-based Verisk Analytics. The deal is expected to become final by July 15.
Brothers-in-law Dave Carlson and Chris Pershing founded the original company six years ago and then hired Chris Barrow as its CEO several months later.
“I thought they had something really neat,” Barrow told the Herald Business Journal last year. “They built a really fun, really small, underfunded company and I was able to come aboard, bring some angel investors and bring in some additional money, structure a real board and put the company together.”
The company uses aerial imagery to measure roofs to provide entire building measurements, including walls, windows, doors and siding. The information is used for valuation and risk management.
EagleView maintains one of the most comprehensive image libraries, covering more than 85 percent of the U.S. population, more than 1 million square miles, and approximately 90 percent of total U.S. structures.
“We now not only create the roof measurements from those photos but we also own the technology and the photograph acquisition itself,” Barrow said last year. “We in effect doubled the size of our business overnight.”
In 2012, EagleView made Inc. Magazine’s list of the country’s fastest growing privately held companies.
Last year, the original company merged with Pictometry International, a geo-referenced aerial oblique imaging company based in Rochester, N.Y.
This week, the deal was announced that EagleView would be bought by Verisk, which provides risk-assessment data to insurers and banks.
“We’re excited to welcome our new colleagues to the Verisk family and look forward to integrating their substantial knowledge and experience in imagery with our own,” said Jim Loveland, president and chief executive officer of Verisk’s Xactware business.
Barrow also praised the deal, saying its a win for EagleView’s customers and employees.
“Our teams stand ready to build on the strength of our existing solutions with the benefit of Verisk’s analytic expertise, customer relationships, and financial resources,” Barrow said in the press release.