Nearmap to Acquire itel, Creating a Comprehensive Property Intelligence Platform Bridging Insurance Underwriting and Claims
Combination of complementary data and software solutions transforms property insurance from first notice of loss to settlement
SALT LAKE CITY, May 20, 2025 /PRNewswire/ -- Nearmap, a leading property intelligence provider, today announced it is acquiring itel, an independent provider of critical property claims solutions including building material pricing and repair-versus-replace analysis. This strategic move unites two highly complementary and trusted brands in the insurance ecosystem that carriers rely on as the source of truth and certainty. Both companies have a shared passion and proven history of creating a more seamless experience for customers. Together, itel and Nearmap will provide customers and partners with a single, independent source of underwriting and claims insights across property portfolios, delivering value through faster claims processing, smarter claims settlement decisions, proactive risk mitigation, and defensible outcomes. From imagery to insights to answers, the addition of itel underscores the Nearmap promise to be the comprehensive source of truth for property intelligence.
Andy Watt, Nearmap CEO, will serve as Chief Executive Officer for the combined company. itel CEO Brian Matthews will continue to lead itel through closing and will serve on the Board of Directors. The leadership team will consist of individuals from both companies. Thoma Bravo, a leading software investment firm, will be the lead strategic investor in the combined company.
"This acquisition is transformative for property insurance," said Andy Watt, CEO of Nearmap. "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 the most critical data needs across insurance claims and underwriting."
"itel has always been about speed, accuracy, and independence in property claims – the 'Source for Certainty'," said Brian Matthews, CEO of itel. "Now, with instant access to property intelligence from Nearmap, we can help customers respond to claims more intelligently and ensure fast, fair, and frictionless outcomes. It's a win-win for insurers, adjusters, contractors, and homeowners alike."
"Two and a half years ago we made a great decision to partner with Andy Watt and the Nearmap team. We're thrilled to support Nearmap in this transformative acquisition," said A.J. Rohde, a Senior Partner at Thoma Bravo. "Nearmap and itel have both invested in building industry-leading solutions. The combination creates an exciting and truly unique proposition for the insurance end-market, with a world-class team and global scale."
"We're excited to be bringing together the complementary capabilities of Nearmap and itel," said Peter Hernandez, a Senior Vice President at Thoma Bravo. "We believe the combined company is uniquely positioned to provide the most accurate and efficient insights across underwriting and claims workflows. We look forward to continuing to leverage our software expertise and operational capabilities to help drive further innovation and growth."
Completion of the deal is expected in Q2 2025 and is subject to customary closing conditions. The financial terms of the deal were not disclosed. Goodwin Procter served as legal advisor to Nearmap and Thoma Bravo. Raymond James and Bank of America acted as financial advisors and Latham & Watkins acted as legal counsel to itel.
About Nearmap
Nearmap is the location intelligence provider customers rely on for consistent, reliable, high- resolution imagery, insights, and answers to create meaningful change in the world. The Betterview and ImpactResponse platforms by Nearmap are integrated technology solutions built for insurers applying proprietary AI and computer vision to high-resolution aerial imagery and geospatial data, generating highly accurate property intelligence. Insurance companies are empowered with on-demand insights throughout the policy lifecycle that increase quoting speed and accuracy, optimize underwriting efficiency, enhance property risk mitigation, and expedite claims. Nearmap is the only full stack provider of location intelligence—from camera, to capture, to processing, as utilized in the Betterview and ImpactResponse platforms. For more information, please visit www.nearmap.com.
About itel
itel is a data and technology company that is a source for certainty in the property insurance claims process. itel serves as an independent intermediary to insurers, adjusters, contractors and homeowners, providing objective data and expert analysis that optimize the claims process. With itel, claims are settled accurately, fairly and with greater efficiency. For more information, please visit www.itelinc.com.
About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$179 billion in assets under management as of December 31, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 520 companies representing approximately US$275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.
Contacts
Nearmap
Franco Chan
[email protected]
Thoma Bravo
Megan Frank
[email protected]
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SOURCE Nearmap
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