Weather Analytics LLC, a provider of risk information for insurance carriers, has acquired and merged with Waltham, Mass.-based Athenium Inc.
Athenium provides software that helps carriers assess performance of both claims and underwriting.
Weather Analytics and Athenium together will offer property, workers' compensation, automotive, and general and professional liability products. The combined entity will operate as Athenium Analytics. Bill Pardue, the co-founder of Weather Analytics, is now chairman and CEO of the merged companies.
Additionally, Weather Analytics announced that it is investing more than $25 million to build new decision-support software for insurers, powered by artificial intelligence and computer-vision capabilities.
Sherman & Co. LLC acted as Athenium's financial adviser on the deal.
