Verisk Analytics, Inc. (NASDAQ:VRSK) Q3 2019 Earnings Conference Call - Final Transcript
Oct 30, 2019 • 08:30 am ET
Lee M. Shavel
you begin to get some sense of the scale of that.
That's helpful. Thanks.
Thank you. Next question comes from a line of Andrew Nicholas. Your line is open.
Hi. Good morning. Just wanted to stick with the Genscape acquisition. I know you guys gave some good color in your remarks and I appreciate that, but I was wondering if you could talk a little bit more about the product set, how it's complementary to your existing business potentially with an example, and then any synergies we can think about impairing that with the Verisk business as it stands today. Thanks.
Scott G. Stephenson
So, first of all, just -- I want to make sure everybody understands the breadth of what we do in the energy space. So we work with oil and gas companies on a global basis, we work with those who are producing the alternatives in terms of the renewables and we also work with electric utility. So I wanted to say all of that to say that the way that the Genscape business got built was by creating sensors which actually talk about real-time flows in those ecosystems. So, for example, there are sensors that are literally measuring the amount of current running through the transmission line. There are sensors which are literally metering the flow of liquefied natural gas, for example.
And these real-time datasets, we think, are very complementary to the datasets we've already got. So, in what we do with Wood Mackenzie, we have really good granular operating data, for example, from the wellhead, but it's not as real-time as these other datasets that we're talking about. So, now what we'll be able to do is to pull those two datasets together and provide even more of a perspective about what's happening commodity by commodity, location by location. And we just know that that's going to be valuable for our customers.
Thank you. Next question comes from the line of Gary Bisbee. Your line is open.
Yes, thanks. Good morning. So, Scott, you've been talking for a while now, probably a couple of years about just the work you're doing with your technology infrastructure moving where appropriate to the cloud. You also alluded to some efficiencies there and obviously a lot of discussion of innovation. So, can you just take a step back for us and talk about how you see -- how you see the cloud and where you are in the process, number one.
Number two, what you see the long-term opportunity. So I'm sure you're aware, a number of your information services, competitors have plans for or have actually proven out meaningful cost saves, but also have seen the ability to accelerate their innovation efforts by getting more of their data into the cloud and hooking customers into that. So, are you on that same path? Do you see those same opportunities and where exactly are you today? Thank you.
Scott G. Stephenson
Yes. So, yes, I mean, so you really had there, Gary, the two