Nearmap Plans $1.3B Itel Acquisition Creating $8B Property Intelligence Firm

Nearmap, a property intelligence provider backed by Thoma Bravo, is acquiring ITEL Laboratories (itel), a data analytics company serving the property and casualty insurance industry, in a deal valued at approximately $1.3 billion including debt. The merger, expected to close in the second quarter of 2025, will combine Nearmap's geospatial intelligence and aerial imagery with itel's expertise in building material pricing and repair-versus-replace analysis to offer a comprehensive platform for underwriting and claims insights. This integration aims to accelerate claims processing, improve settlement decisions, and enhance risk mitigation, creating an $8 billion property intelligence company. Nearmap CEO Andy Watt will lead the combined company, with itel CEO Brian Matthews continuing through the transition and joining the board. Thoma Bravo will be the lead strategic investor, emphasizing the deal as transformative for property insurance by delivering faster, fairer, and more accurate outcomes for insurers, adjusters, contractors, and homeowners. The acquisition reflects a strategic effort to provide a single, independent source of truth in property insurance claims and underwriting.