Nearmap has announced the acquisition of itel, a move set to reshape the property insurance landscape by combining two trusted sources of underwriting and claims data.
The deal brings together Nearmap’s aerial imagery and AI-powered insights with itel’s expertise in building material pricing and repair-versus-replace analysis, creating a comprehensive property intelligence platform for insurers.
The partnership aims to simplify the insurance workflow, from underwriting to claims processing, by offering a single source of verified, data-driven insights. By integrating the technologies and capabilities of both companies, insurers can expect faster claims resolution, improved decision-making, and more accurate risk assessment.
Andy Watt, CEO of Nearmap, will lead the merged entity, with itel CEO Brian Matthews remaining onboard to guide itel through the transaction and joining the board post-closing. Leadership roles across the combined organisation will be shared between both companies. Thoma Bravo, a prominent software investment firm, will act as the lead strategic investor supporting the newly merged platform.
Nearmap CEO Andy Watt said, “This acquisition is transformative for property insurance. “We have long admired the itel brand and by bringing our two companies together, 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.”
itel CEO Brian Matthews added, “itel has always been about speed, accuracy, and independence in property claims – the ‘Source for Certainty’. Now, with instant access to property intelligence from Nearmap, we can help customers respond to claims more intelligently and ensure fast, fair, and frictionless outcomes. It’s a win-win for insurers, adjusters, contractors, and homeowners alike.”
The transaction is expected to close in Q2 2025, subject to standard conditions. Financial terms have not been disclosed. Nearmap and Thoma Bravo received legal counsel from Goodwin Procter, while itel was advised by Latham & Watkins and supported financially by Raymond James and Bank of America.
Nearmap’s platforms, Betterview and ImpactResponse, provide insurers with high-resolution aerial imagery and geospatial data powered by AI. These technologies support quoting, underwriting, risk mitigation and claims processing.
itel’s independent analysis and data insights have long served as a key resource for adjusters and insurers. The merger strengthens both companies’ value proposition, positioning them to deliver scalable, defensible results across the insurance sector.
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