Nearmap Acquires itel to Enhance Property Insurance Claims Processing
Nearmap, a prominent provider of property intelligence, has announced its acquisition of itel, an independent provider of critical property claims solutions. This strategic move unites two trusted brands in the insurance ecosystem, creating a single, independent source of underwriting and claims insights across property portfolios.
The acquisition combines Nearmap’s high-resolution aerial imagery and geospatial data with itel’s expertise in building material pricing and repair-versus-replace analysis. This integration is expected to deliver significant value through faster claims processing, smarter claims settlement decisions, and proactive risk mitigation.
“This acquisition is transformative for property insurance,” said Andy Watt, CEO of Nearmap. “By bringing our two companies together, we are creating a true end-to-end solution that meets the most critical data needs across insurance claims and underwriting.”
Brian Matthews, CEO of itel, will continue to lead itel through the closing of the deal and will serve on the Board of Directors. The combined company’s leadership team will consist of individuals from both Nearmap and itel, with Andy Watt serving as CEO.
Thoma Bravo, a leading software investment firm, will be the lead strategic investor in the combined company. “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.”
The acquisition is expected to be completed in Q2 2025, subject to customary closing conditions. The financial terms of the deal were not disclosed.
This strategic move is set to revolutionize the property insurance industry by providing a comprehensive source of truth for property intelligence, enhancing the claims process from first notice of loss to settlement.
