Press Release
Santa Fe, New Mexico; 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.
A message from Rachel Olney.
Today marks a pivotal moment in our journey—a moment that is both exhilarating and profoundly meaningful. It is with immense pride and optimism that I announce Geosite's acquisition by Descartes Labs. This union is more than a business transaction; it is a fusion of visions, ambitions, and dreams.
Geosite has been a pioneer in the practical application and commercialization of geospatial data, transforming complex geospatial data into actionable insights, empowering decision-makers like never before. Geosite’s ability to bring together data from dozens of valuable and innovative geospatial, climate, and property data providers has given customers unparalleled access to a, previously inaccessible, complete situational awareness. From orchestrating search and rescue operations across the United States to enhancing climate resilience within the insurance industry, our work demonstrates a steadfast commitment to leveraging data for significant, tangible impact. I am so deeply proud of our team's accomplishment of making geospatial data accessible and usable - the dream I hoped we would achieve since our founding in 2018.
Descartes Labs has always stood as a true trailblazer in geospatial technologies, pushing the boundaries of what's possible. Their expertise in processing satellite imagery through cutting-edge AI and machine learning technologies has revolutionized our ability to understand and interact with our planet. Their approach to geospatial analytics has not only set industry benchmarks but has also paved the way for innovations that were once beyond imagination. From a personal perspective, I am so honored to join forces with a company that built some of the best technology our industry has ever seen (and of course very fun that we were both born in New Mexico).
The union of Geosite and Descartes Labs is a fusion of ground-breaking technological advancements. By bringing together our respective strengths, we are creating an unmatched powerhouse in the industry. Geosite’s proven track record in effectively commercializing geospatial data complements Descartes Labs’ technological prowess, setting the stage for unparalleled innovation and leadership in the field.
Our collaboration represents a shared vision for the future—a future where the integration of our technologies will lead to enhanced capabilities, from improved decision-making processes for businesses and governments to more robust and dynamic solutions for global challenges. Together, we will accelerate the development of geospatial solutions that are not only innovative but also scalable and impactful.
As we embark on this new chapter, I am filled with optimism about the possibilities that lie ahead. This merger is a commitment to not only leading the industry but also driving it towards a future where the full potential of geospatial data is realized for the betterment of society.
Thank you to our team, partners, and clients for your unwavering support. Thank you. Thank you. Thank you. Together with Descartes Labs, we look forward to pioneering new frontiers in geospatial technology. There are so many exciting things to come!
Yours Truly,
Rachel Olney
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. https://www.geosite.io/