The Nearmap Board has unanimously recommended a proposal from software investment firm, Thoma Bravo, to acquire 100 percent of Nearmap. The offer from Thoma Bravo demonstrates the success of the Nearmap strategy, the market leadership of our technology and products, and the strong capability of our teams. We expect the review process will continue until early November.
Thoma Bravo is one of the largest private equity firms in the world with more than US$114 billion in assets under management. The firm invests in growth-oriented, innovative companies in the software and technology sectors.
For our customers and partners, it is business as usual. There will be no impact to the service they receive, nor the market-leading technology and products they access.
This is a transformational opportunity for Nearmap. At the same time, we’re continuing to invest and grow our operations, so we continue to innovate for our customers. Some very exciting recent developments at Nearmap include:
- Launching the next generation of Nearmap artificial intelligence, which uses machine learning to turn Nearmap high resolution aerial imagery into information and insights. This will help you to efficiently analyze a vast range of environmental and property attributes across huge areas. The latest generation of Nearmap AI delivers 500+ facts per address, including roof objects, debris, and surface permeability (in addition to building heights, stories, and roof pitch, etc).
- Launching the world’s leading, patented aerial camera system, HyperCamera3, enabling unmatched productivity, efficiency, and frequency of coverage. The new system unlocks more viewing angles, improved 3D reconstruction, and new infrared capture opportunities to support new and advanced use cases.
- Launching Nearmap ImpactResponse, a dedicated capture program for natural disasters and weather catastrophes. Nearmap ImpactResponse includes aerial imagery, location data and geospatial tools to enable you to plan a disaster response, better assess damage, and manage rebuilding and recovery efforts.
- Expanding our coverage. In the U.S., we doubled our coverage footprint over the past year, and now capture imagery of more than 80% of the U.S. population several times a year, including more than 430 of the country’s largest urban areas. We’ll continue to expand our coverage based on our customers’ requirements.
The proposal from Thoma Bravo, which is still subject to regulatory and shareholder approval, is an exciting opportunity to further scale-up our business. Nearmap is unique because we own the complete hardware, processing, analytics, and software delivery pipeline. This provides us with a powerful, irreplicable way of achieving best-in-class, industry-leading accuracy, quality, and efficiency. We look forward to sharing with you these developments, and more, at our annual customer event – Nearmap NAVIG8 – on Tuesday, October 11, 2022.
Finally, I’d like to thank our customers and partners for their continued support and partnership. Nearmap now serves more than 12,000 customers globally, with around 90,000 individual users who can access more than 60 million individual aerial images. Our success is only possible with their support.
Dr. Rob Newman
CEO and Managing Director