Nearmap (ASX:NEA) - Managing Director & CEO, Rob Newman
Managing Director & CEO, Rob Newman
Source: Nearmap
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  • Nearmap (NEA) announces the annualised contract value (ACV) of its North American portfolio may overtake Australian and New Zealand portfolios for the first time
  • The North American portfolio has surpassed US$50 million (A$70.1 million), while the company’s entire ACV portfolio is worth more than US$100 million (A$140.2 million)
  • The company specialises in aerial imagery and location intelligence used by businesses, property and casualty insurance companies
  • North American General Manager Tony Agresta said four out of six major property and casualty insurance companies in North America now rely on Nearmap technology
  • Nearmap shares opened the day trading at $1.47

Nearmap (NEA) has announced the annualised contract value (ACV) of its North American portfolio may overtake Australian and New Zealand portfolios for the first time by the end of 2022.

According to NEA, the North American portfolio has surpassed $50 million (A$70.1 million), while the company’s entire ACV portfolio is worth more than $100 million (A$140.2 million).

The company specialises in aerial imagery and location intelligence used by businesses, property and casualty insurance companies.

“This historical milestone for Nearmap follows the very positive momentum we’re seeing in our business in North America. We purposefully refined our go-to-market strategy in the region at the beginning of FY21 to focus on three core industries: government, insurance, and roofing,” CEO and Managing Director Rob Newman said.

“We are doubling the coverage footprint in FY22 of our US capture program to roughly 80 per cent of the population up to three times each year.

“Following a successful pilot, we’re also expanding access to all sectors in North America our ‘Nearmap ImpactResponse’ product to assist disaster relief efforts following catastrophic weather,” Dr Newman concluded.

North American General Manager Tony Agresta said four out of six major property and casualty insurance companies now rely on Nearmap technology.

“Nearmap is well-positioned to seize the immense opportunity in North America with the quality, accuracy and currency of our location intelligence offering including aerial imagery, 3D content, and AI-derived analytics. Our customers are telling us the insights from Nearmap AI are transformative for their businesses,” Mr Agresta said.

Nearmap shares opened the day trading at $1.47.

NEA by the numbers
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