Nearmap to acquire itel
Property intelligence provider Nearmap is acquiring Itel , a provider of property claims solutions including building material pricing and repair-versus-replace analysis.
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, and proactive risk mitigation.
According to Bloomberg, the transaction values Itel at about $1.3 billion including debt, and the combination with Nearmap will create a company worth about $8 billion including debt. GTCR acquired itel in August 2021 at a valuation of ~$500 million.
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.
Completion of the deal is expected in Q2 2025 and is subject to customary closing conditions.
“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.” – Andy Watt, CEO of Nearmap.
“itel has always been about speed, accuracy, and independence in property claims – the ‘Source for Certainty’. 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.” – Brian Matthews, CEO of itel.
“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. 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.” – A.J. Rohde, a Senior Partner at Thoma Bravo.
“We’re excited to be bringing together the complementary capabilities of Nearmap and itel. 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.” – Peter Hernandez, a Senior Vice President at Thoma Bravo.
