Jersey City, New Jersey-based Verisk Analytics Inc has inked a deal to buy EagleView Technology Corp or EVT in a cash deal worth $650 million, Bloomberg reported. Verisk Analytics supplies data to banks and insurance companies while EagleView Technology Corp provides the commercial, government and public utility sectors with aerial imagery, data analytics and GIS solutions.

The report said the acquisition will allow Verisk to have an image library that covers around 90% of US structures. In a statement, Verisk said the deal will also strengthen its underwriting software and grow its offerings to clients in the insurance and government sectors. The transaction is set to close by July 15.

In a statement, Verisk Analytics President and Chief Executive Officer Scott Stephenson said, "The acquisition of EVT advances our position in the imagery analytics market, adding new municipal and commercial customers. The transaction supports the aerial imagery solution development that has been under way at our Xactware unit. We believe we can build on the comprehensive coverage of EVT's library to expand solutions to our customers, including underwriting and, over time, international solutions as well. We look forward to combining the strong business built by the EVT team with Verisk's analytical capabilities and unparalleled customer relationships in the property/casualty insurance market."

Bloomberg reported that since Verisk went public in 2009, it has been acquiring companies to bolster actuarial data. It purchased Argus Information & Advisory Services LLC, a credit card data company, in 2012 in a $425 million deal. It also acquired MediConnect Global Inc, a medical record aggregator, for a price tag of $349 million.

According to Verisk, it expects to get tax benefits worth around $25 million as part of the deal. A reduction of $13 million in the cash payment reflects Verisk's minority equity ownership of EVT, the report said.