Nearmap (ASX:NEA) - Managing Director & CEO, Rob Newman
Managing Director & CEO, Rob Newman
Source: Nearmap
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  • Nearmap (NEA) reports a record quarter for its government portfolio in North America in the third quarter of FY22
  • In a single quarter the government portfolio generated US$2 million (A$2.7 million) in incremental annual contract value (ACV)
  • In March, the company announced it had, for the first time, surpassed $150 million in group ACV and signed its largest ever government annual contract in North America
  • Nearmap technology and content is now used by government customers in 42 out of the 50 US states where it offers location data
  • On the market, Nearmap is down 0.9 per cent and trading at $1.38 per share

Location intelligence and aerial imagery company Nearmap (NEA) has seen a record quarter for its government portfolio in North America in the third quarter of FY22.

In the March quarter the government portfolio generated US$2 million (A$2.7 million) in incremental annual contract value (ACV).

In March, the company announced it had for the first time surpassed $150 million in group ACV and signed its largest ever government annual contract in North America.

Revenue was generated from government entities across 31 US states and two provinces in Canada.

Nearmap technology and content is now used by government customers in 42 out of the 50 US states where it offers location data.

“Nearmap is attracting new business in North America at a record pace,” Managing Director and CEO Rob Newman said.

“With momentum already strong across our core verticals, the ability to exceed our target for the government sector in Q3 FY22 by adding more than $2 million in incremental annual contract value shows the underlying strength of our business and proposition.”

Nearmap expects the group ACV portfolio to close FY22 at the upper end of the between $150 million-$160 million guidance range, which is above FY21’s result of $128.2 million.

On the market, Nearmap was down 0.9 per cent and trading at $1.38 per share at 1:19 pm AEST.
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NEA by the numbers
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