Nearmap Acquires Itel: Revolutionizing Property Intelligence for Insurers with All-in-One Platform
Nearmap, a leader in aerial imagery and geospatial data, has announced its plans to acquire itel, a notable player in the property intelligence and insurance claims sector. This strategic acquisition aims to provide insurers with a comprehensive, independent data source that enhances underwriting accuracy and accelerates claims processing.
Benefits of the Nearmap and itel Acquisition
The merger of Nearmap and itel is poised to create a powerful platform that combines high-resolution imagery and AI-driven insights from Nearmap with itel’s extensive claims data expertise. This includes:
- Material pricing analysis
- Repair versus replace assessments
The integration of these capabilities is expected to deliver a more efficient and defensible experience for key stakeholders, including:
- Insurers
- Contractors
- Adjusters
- Homeowners
Leadership and Strategic Support
Andy Watt, the CEO of Nearmap, will lead the newly formed entity. Brian Matthews, the current CEO of itel, will continue to serve until the deal closes and will join the board of directors post-acquisition. Both leadership teams will play a vital role in steering the combined business toward success.
This acquisition is backed by Thoma Bravo, which will act as the lead strategic investor in the deal.
Statements from Leadership
Andy Watt expressed his enthusiasm for the acquisition, stating, “This acquisition is transformative for property insurance. We have long admired the itel brand, and by merging our two companies, we are combining the best of property intelligence and ground-truth data to create a true end-to-end solution that meets the most critical data needs across insurance claims and underwriting.”
Deal Timeline and Advisors
The acquisition is anticipated to close in Q2 2025, with the financial terms currently undisclosed. The advisory teams for this transaction include:
- Goodwin Procter for Nearmap and Thoma Bravo
- Latham & Watkins for itel
For more insights on this acquisition and its implications for the insurance industry, visit InsurTech Analyst.
