Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the
“Company”), a global leader in 3D geospatial products and
intelligence solutions, today announced a $1 million program in
Malaysia, an update on its Indonesian mapping program and strong
growth in its global insurance business.
Enhancing Water Resources Management in
Malaysia
Intermap won a $1 million contract in Malaysia to enhance water
resources management. This award exemplifies how Intermap’s
geospatial technology, which incorporates advanced AI/ML-driven
automation, is used to commercialize evolving solutions to
environmental challenges. By helping the Malaysian government
exploit its investment in national geospatial infrastructure,
Intermap is extending the value and versatility of Malaysia’s new
Intermap-created IFSAR data archive, which is applicable for
governments across the region. Leveraging IRISTM technology and
application layers to update currency and rapidly integrate
tailored hydrological datasets, including rivers, canals and
drainages, stakeholders gain unprecedented insights into the
complex dynamics of water flow, terrain morphology and flood risk
assessment. Intermap has earned more than $15 million under
Malaysia’s current basemap program and expects awards to continue
as post-COVID budgets reallocate discretionary resources back
towards these urgent strategic requirements.
“Our partnership with the Malaysian government and business
community underscores Intermap’s commitment to leveraging our
unique technology to address critical environmental challenges,”
said Patrick A. Blott, Intermap Chairman and CEO. “This represents
a further endorsement of our business model, which leverages our
application layers to provide actionable data as a service,
enabling governments to commercialize their investments across new
use cases.”
One of the key advantages of Intermap’s DEMs lies in their
dynamic nature, where they are continually updated through multiple
source inputs. Our elevation models are regularly updated using
patented AI/ML-driven processes to reflect real-time changes in
terrain and land cover, ensuring decision makers have access to the
most accurate and current information for informed planning and
response efforts. Recognizing the importance of capacity building,
Intermap and its local partner, Antaragrafik Solutions Sdn Bhd,
will provide comprehensive training sessions to key government
officials involved in remote sensing, mapping and water resources
management. These tailored programs aim to equip participants with
the necessary skills and knowledge to effectively utilize the new
and improved geospatial resources in their decision-making
processes.
Indonesian Mapping Program Underway with First
Milestones Complete
Intermap has received the first payment for the Indonesian
mapping program and has made significant progress in project
preparations and deployment. Collaborating with government
officials and key business partners, the program is now underway to
capture and analyze intricate geospatial data, promising valuable
insights for sustainable development and resource management in the
region. Official kickoff meetings with government representatives
and business partners have set the stage for mapping Sulawesi’s
diverse landscape, representing 10% of the country’s land area.
“This program marks a pivotal moment in our commitment to
providing Indonesia with a national basemap to specifications
suitable for commercial applications,” said Mr. Blott. “Through
cutting-edge technology, meticulous planning and strategic
partnerships, we are laying the groundwork for a successful
execution of this first phase and a seamless transition to the next
phase of mapping the rest of the country. The result will be a
national digital infrastructure that drives economic growth by
providing interoperable precision elevation data supported by
relevant and proven application layers for it to be successfully
commercialized.”
To empower local communities and foster commercialization of
geospatial data, Intermap is conducting in-country training with
Indonesian personnel on data usage. Designed to equip participants
with essential skills and knowledge, the training underscores the
Company’s commitment to building capacity and driving sustainable
development at the grassroots level in Indonesia. Building on this
foundation, Intermap is working to secure additional contracts and
expand its presence in the region where it enjoys a distinct
competitive advantage because of its unique mapping technology.
Global Insurance Business Starts 2024 With Strong
Growth
Intermap’s global insurance business is off to a strong start in
2024 with awards reaching $1 million from a new client subscription
and multiple renewals.
Driven by demand related to climate change and other factors,
the Company’s analytics address the highest combined ratio
available in the insurance industry, resulting in growing demand
for Intermap’s proven underwriting software and tailored global
geospatial data. During 2023, Intermap leveraged proprietary AI/ML
advancements, funded in part through its important U.S. government
development contracts, to continue to make its geospatial data
available to expanding commercial use cases. By making greater
volumes of relevant data accessible with low latency to new and
frequently non-expert users, Intermap expanded its gross margins,
with average subscription size rising by 50% since 2020 and user
data volumes increasing by 59% over the course of 2023, with no
customer attrition. This rapid topline and bottom-line growth
highlights how geospatial intelligence is commercialized by
Intermap to measure profitable risk in critical markets plagued by
rising uncertainty.
“Our insurance business is off to a strong start in 2024,” said
Mr. Blott. “In the last 12 months, 87% of total insurance business
was generated by recurring subscriptions to our risk assessment
software. In Europe, we are expanding relationships with current
clients to offer our solutions wherever they operate. We are
projecting our insurance business to continue growing at a CAGR of
more than 20% over the next few years.”
Intermap’s audited annual financial statements for the year
ended December 31, 2023, the annual management discussion and
analysis for the corresponding period, related management
certifications of annual filings and its annual information form
will be filed and available on SEDAR+ at www.sedarplus.ca on April
1, 2024.
Learn more about Intermap’s government solutions at
intermap.com/collection.
Learn more about the Indonesian mapping program at
intermap.com/indonesian-mapping-program.
Learn more about Intermap’s global insurance solutions at
intermap.com/insurance.
Intermap Reader AdvisoryCertain
information provided in this news release, including reference to
revenue growth and run-rate, 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; OTCQB: 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
CEO@intermap.com
+1 (303) 708-0955
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