Nearmap has revealed its plans to acquire itel, a move that will bring together two respected names in the property intelligence and insurance claims ecosystem.
The acquisition is designed to offer insurers a single, independent source of data to improve underwriting accuracy and speed up claims processing.
The combined platform will integrate Nearmap’s high-resolution imagery and AI-powered insights with itel’s claims data expertise, including material pricing and repair-versus-replace analysis. The result is a more efficient, defensible, and seamless experience for insurers, contractors, adjusters, and homeowners.
Andy Watt, CEO of Nearmap, will lead the new entity, while itel CEO Brian Matthews will remain in place through the deal’s close and join the board of directors. Both leadership teams will contribute to the combined business. The deal is supported by Thoma Bravo, which will be the lead strategic investor.
Nearmap CEO Andy Watt said, “This acquisition is transformative for property insurance. “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.”
The deal is set to close in Q2 2025, with financial terms undisclosed. Advisors on the deal include Goodwin Procter for Nearmap and Thoma Bravo, while Latham & Watkins acted for itel.
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