Nearmap to Acquire itel, Bridging Insurance Underwriting and Claims

Nearmap, a premier provider of property intelligence, is announcing its acquisition of itel, a firm that specializes in property claims solutions, in a strategic move aimed at enhancing the property insurance sector. This acquisition seeks to integrate Nearmap's high-resolution imagery and data insights capabilities with itel's building material pricing and repair analysis services, creating a comprehensive platform for insurers. Importantly, the transaction is backed by Thoma Bravo, a leading software investment firm, which will serve as the strategic investor in the combined enterprise. This move is expected to expedite claims processing, enhance settlement decision-making, and enable proactive risk management, thereby delivering substantial value to insurers, adjusters, contractors, and homeowners. The merger, expected to close by Q2 2025, aims to provide the most accurate and efficient insights across underwriting and claims workflows, strengthening the insurance landscape's efficiency. The transaction's financial specifics are yet to be disclosed, but the advisory roles were managed by Goodwin Procter, Raymond James, Bank of America, and Latham & Watkins.