Expanding relationship with Generali Group by adding Romania
Growing in the Czech real estate sector
Strong demand for data and analytics in European markets
DENVER, Feb. 4, 2022 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced two subscriptions to its European cloud-based risk solution. The demand for the Company's Aquarius solution is increasing in the fast-growing insurance and real estate industries.
Intermap is pleased to expand its relationship with Generali Group by adding Romania to the existing Aquarius RMA (Aquarius) subscription. As a cloud-based flood risk solution, Aquarius enables consistent underwriting for an entire portfolio life cycle for any location. Romania represents Aquarius' fourth CEE country, where Generali is ranked among the top three most trusted insurance brands. This new subscription enables Generali to grow its premium with customized and precise flood hazard maps and analytics.
The Company also reported that MyNEMO renewed its subscription to Intermap's flood risk web services to support real estate transactions in the Czech Republic. In addition, MyNEMO is preparing to offer these services to other CEE countries.
Intermap continues to expand its European software subscription services beyond the insurance market by adding new functionality to its comprehensive solution suite. The Company's European software subscription revenue has increased by 2.5 times since introducing the cloud-based version of Aquarius in 2020 and continues to grow as these expanded solutions are delivered to new and existing clients. The addition of Romania increases the Aquarius subscription monthly recurring revenue by 10%.
"Our strategy of penetrating deeper into our largest accounts by helping them grow their business is working," said Patrick A. Blott, Intermap Chairman and CEO. "We're enabling them to scale globally and save money by providing actionable GEOINT in a turnkey, easy-to-use software and enterprise data management solution. From a standing start in 2019, our cloud-based subscriptions in CEE now account for 72% of CEE revenue, which in turn has grown 19% year over year to become 19% of Intermap's total commercial revenue."
To learn more about Intermap's European services, visit www.intermap.com/european-solutions.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company's commercial applications include aviation and UAV flight planning, flood and wildfire insurance, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. For more information, please visit www.intermap.com.
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SOURCE Intermap Technologies Corporation
