Pictometry Receives Investment From Spectrum Equity Investors
May 04 2011 - 3:00PM
Marketwired
Pictometry International Corp., the leading provider of aerial
oblique imagery and measuring software, announced today that it has
received a $63 million minority equity investment from Spectrum
Equity Investors. As a result of the transaction, Spectrum Managing
Director Chris Mitchell will join the Pictometry board of
directors.
"We are pleased to engage with such a widely-recognized and
respected strategic investment partner," said Pictometry CEO
Richard Hurwitz. "In addition to providing partial liquidity to our
shareholders, this transaction enables Pictometry to benefit from
Spectrum's industry expertise and more effectively pursue our
potential and achieve our aggressive growth goals."
Pictometry uses a proprietary image capture and processing
technology to produce Pictometry Intelligent Images®, a database of
aerial imagery of unsurpassed resolution and quality. Unlike
traditional geospatial information systems that rely on orthogonal
(top-down) views of area, Pictometry's oblique (at an angle)
imagery creates a natural, three-dimensional view so users can see
land features and structures clearly and in their entirety. The
imagery provides something traditional ortho imagery or even
satellite and PGS mapping cannot provide: a detailed metric oblique
view of any feature. Pictometry's data and software are widely used
by county GIS, planning and assessing professionals around the
country and a growing number of commercial businesses in industries
such as construction, insurance, real estate and utilities.
"Pictometry is a recognized innovator in the geospatial industry
and a leading provider of solutions designed to harness the use of
rich visual information," said Chris Mitchell. "Given the breadth
and quality of the Pictometry database, and its relevance to so
many emerging business, consumer and government applications, we
think the company is well-positioned to grow for many years to
come. We have been pursuing a transaction with the Company for
almost seven years, and so we're thrilled to have the opportunity
to support Pictometry's expansion strategy."
About Spectrum Equity Investors Spectrum
Equity investors is a private equity firm focused on investing in
profitable, growing businesses in the information economy. Founded
in 1994 with offices in Boston and Menlo Park, Spectrum manages
over $4.7 billion of committed capital. Spectrum invests behind
strong management teams and has been an active investor in the
data, information and digital media industries; investments include
Ancestry.com (NASDAQ: ACOM), Demand Media (NYSE: DMD), iPay
Technologies (acquired by Jack Henry), ITA Software (acquired by
Google), Risk Metrics (acquired by MSCI), Seisint (acquired by
LexisNexis), SurveyMonkey, and World-Check. For more information,
visit www.spectrumequity.com.
About Pictometry Pictometry International
Corp. is a leading provider of geo-referenced, aerial image
libraries and related software. Pictometry has captured over 140
million digital aerial images which represent more than 80 percent
of the United States population and all major U.S. markets. Using
its proprietary imaging process, Pictometry captures
geo-referenced, high-resolution orthogonal (straight down view) and
oblique (captured at an angle) imagery within which structures and
land features can be measured. Pictometry customizes and markets
these technologies for government and commercial applications.
Pictometry's standard oblique imagery includes second order
visualization tools that do not produce authoritative or definitive
information (surveying). For more information, visit
www.pictometry.com.
Contact: Tami Bacon Public Relations Manager Email
Contact (585) 487-1488
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