Combining complementing data with software solutions turns first notice of loss into settlement for property insurance.
Salt Lake City, May 20, 2025 /PRNewswire/ — Leading property intelligence company Nearmap today said it is acquiring Itel, an independent supplier of vital property claims solutions like building material pricing and repair-versus-alternative research. This calculated action brings two very complimentary and trustworthy brands together in the insurance ecosystem carriers depend on as the source of truth and clarity. Both businesses have a desire and a track record of providing consumers with a more seamless experience. Together, itel and Nearmap will give consumers and partners one, independent source of underwriting and claims insights across property portfolios, so delivering value through faster claims processing, smart claims settlement decisions, proactive risk mitigating, and defensible outcomes. From images to insights to answers, adding itel emphasizes the Nearmap promise to be the complete source of truth for property intelligence.
il itel
Chief Executive Officer for the merged firm will be Nearmap CEO Andy Watt. Leading itel through close, itel CEO Brian Matthews will also serve on the Board of Directors. Members of the leadership team will come from both companies. Leading software investment company Thoma Bravo will be the principal strategic investor in the merged company.
“This acquisition is transforming for property insurance,” Nearmap’s CEO, Andy Watt, noted. “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 most critical data needs across insurance claims and underwriting.”
Brian Matthews, CEO of itel, said “itel has always been about speed, accuracy, and independence in property claims – the ‘Source for Certainty’.” “Now, thanks to instant access to Nearmap’s property intelligence, we can assist clients in more intelligent response to claims and guarantee quick, equitable results free from conflict. Insurers, adjusters, contractors, and homeowners all stand to gain from this.
“Two and a half years ago we made a wise choice to team with Andy Watt and the Nearmap crew. Senior Partner at Thoma Bravo A.J. Rohde commented, “We’re delighted to support Nearmap in this transformative acquisition.” “Nearmap and itel have both made investments in creation of industry-leading products. With a world-class workforce and worldwide scope, the mix offers the insurance end-market an interesting and very distinctive opportunity.
“We’re thrilled to be combining Nearmap’s complimentary capabilities with itel,” stated Thoma Bravo Senior Vice President Peter Hernandez. “We think the combined business is especially qualified to offer the most accurate and effective insights throughout underwriting and claims processes. We are excited about using our operational capabilities and software knowledge to support more innovation and expansion.
Expected in Q2 2025, completion of the deal is underlined by usual closing conditions. The deal’s financial parameters were kept under wraps. Legal counsel to Nearmap and Thoma Bravo was Goodwin Procter. Latham & Watkins served as legal counsel to itel while Raymond James and Bank of America served as financial advisers.
Concerned Nearmap
Nearmap is the location intelligence source consumers depend on for consistent, dependable, high-resolution images, insights, and answers to generate significant global transformation. Nearmap’s Betterview and ImpactResponse systems are integrated technological solutions created for insurance companies using proprietary artificial intelligence and computer vision to high-resolution aerial photography and geographic data, therefore producing extremely precise property intelligence. With on-demand information throughout the policy lifetime, insurance firms empower themselves to improve underwriting efficiency, speed quotes and accuracy, reduce property risk mitigating, and speed claims. From camera, to capture, to processing, Nearmap is the sole complete stack provider of location intelligence applied in the Betterview and ImpactResponse systems. For further information, kindly visit www.nearmap.com.
regarding itel
One source of assurance in the property insurance claims procedure is data and technology business Itel. Providing objective data and professional analysis that maximize the claims process, itel acts as an independent middleman for insurers, adjusters, contractors, and homeowners. Using itel, claims are resolved fairly, precisely, and with more speed. For further details, kindly visit www.itelinc.com.
Regarding Thoma Bravo
With assets under management as of December 31, 2024 totaling over US$179 billion, Thoma Bravo is among the biggest software-oriented investors in the world. By means of its lending policies, growth equity, and private equity, the firm invests in creative, growth-oriented software and technology enterprises. Leveraging Thoma Bravo’s strategic and operational skills as well as extensive sector knowledge, the company works with its portfolio firms to apply operating best practices and propel expansion projects. The company has bought or invested in about 520 companies totaling almost US$275 billion in enterprise value over the past 20+ years—including both control and non-control investments. The company keeps offices in Chicago, Dallas, London, Miami, New York, and San Francisco. Visit thomabravo.com to find further information about Thoma Bravo.
Connections
Nearmap
Franco Chan can be found @ nearmap.com.
Thoma Bravo.
Megan Frank can be found at thomabravo.com.
Nearmap_Logo.jpg logo https://mma.prnewswire.com/media/24512; itel logo https://mma.prnewswire.com/media/2691348
SOURCE Near Map
