Intermap Announces $1 Million Subscription by Major Insurance Client
March 30 2023 - 4:24PM
Intermap Technologies (TSX: IMP; OTCQX: ITMSF) (“Intermap” or the
“Company”), a global leader in 3D geospatial products and
intelligence solutions, today announced a $1 million cornerstone
multi-year renewal of its InsitePro® insurance software. The new
subscription is InsitePro’s largest single contract to date and
delivers a 130% increase in monthly recurring revenue (MRR) over
the previous subscription. This growth correlates with increasing
market demand for reliable data and tools to accurately measure and
monetize climate risk and the business growth InsitePro delivers
for its clients.
InsitePro is a Software as a Service package that delivers
property-specific underwriting analytics for flood insurance
anywhere in the U.S. and Canada. InsitePro’s subscription revenue
has grown at a 15% CAGR since 2018, which corresponds with the
growth of the U.S. private flood insurance market it predominantly
serves. InsitePro has achieved its highest booking total in the
first quarter of this year, surpassing the fourth quarter results
in 2022. Additionally, the Company has maintained a net annual
revenue retention rate greater than 90% for the eighth consecutive
quarter. This renewal has resulted in a 13% increase in InsitePro's
MRR since the end of 2022, providing a strong foundation for
sustainable growth in 2023 and beyond.
“InsitePro is continuing its strong start in 2023, driven by a
combination of increasing uninsured flood losses across the U.S.
and a hard market providing an opportunity for global insurers to
grow premium,” said Patrick A. Blott, Intermap Chairman and CEO.
“InsitePro delivers the necessary geospatial analytics to enable
new entries into flood insurance and reliable growth for market
incumbents. The ability to underwrite flood effectively, including
risk-selection and pricing, unlocks enormous potential premium for
insurers and helps them provide a critical component of society’s
resilience to climate risk.”
Learn more about Intermap’s insurance solutions and InsitePro at
intermap.com/insurance
Intermap Reader AdvisoryCertain
information provided in this news release, including reference to
revenue growth, constitutes forward-looking statements. The words
"anticipate", "expect", "project", "estimate", "forecast", “will
be”, “will consider”, “intends” and similar expressions are
intended to identify such forward-looking statements. Although
Intermap believes that these statements are based on information
and assumptions which are current, reasonable and complete, these
statements are necessarily subject to a variety of known and
unknown risks and uncertainties. Intermap’s forward-looking
statements are subject to risks and uncertainties pertaining to,
among other things, cash available to fund operations, availability
of capital, revenue fluctuations, nature of government contracts,
economic conditions, loss of key customers, retention and
availability of executive talent, competing technologies, common
share price volatility, loss of proprietary information, software
functionality, internet and system infrastructure functionality,
information technology security, breakdown of strategic alliances,
and international and political considerations, as well as those
risks and uncertainties discussed Intermap’s Annual Information
Form and other securities filings. While the Company makes these
forward-looking statements in good faith, should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary significantly
from those expected. Accordingly, no assurances can be given that
any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits
that the Company will derive therefrom. All subsequent
forward-looking statements, whether written or oral, attributable
to Intermap or persons acting on its behalf are expressly qualified
in their entirety by these cautionary statements. The
forward-looking statements contained in this news release are made
as at the date of this news release and the Company does not
undertake any obligation to update publicly or to revise any of the
forward-looking statements made herein, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
About Intermap
TechnologiesFounded in 1997 and headquartered in Denver,
Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in
geospatial intelligence solutions, focusing on the creation and
analysis of 3D terrain data to produce high-resolution thematic
models. Through scientific analysis of geospatial information and
patented sensors and processing technology, the Company provisions
diverse, complementary, multi-source datasets to enable customers
to seamlessly integrate geospatial intelligence into their
workflows. Intermap’s 3D elevation data and software analytic
capabilities enable global geospatial analysis through artificial
intelligence and machine learning, providing customers with
critical information to understand their terrain environment. By
leveraging its proprietary archive of the world’s largest
collection of multi-sensor global elevation data, the Company’s
collection and processing capabilities provide multi-source 3D
datasets and analytics at mission speed, enabling governments and
companies to build and integrate geospatial foundation data with
actionable insights. Applications for Intermap’s products and
solutions include defense, aviation and UAV flight planning, flood
and wildfire insurance, disaster mitigation, base mapping,
environmental and renewable energy planning, telecommunications,
engineering, critical infrastructure monitoring, hydrology, land
management, oil and gas and transportation.
For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
Intermap Technologies (TSX:IMP)
Historical Stock Chart
From May 2024 to Jun 2024
Intermap Technologies (TSX:IMP)
Historical Stock Chart
From Jun 2023 to Jun 2024