The move marks a major step in reshaping how insurers approach underwriting and claims, combining aerial imagery and AI-powered insights with ground-truth claims data.
According to Bloomberg, the combined company will be valued at roughly $8 billion including debt. The deal is expected to close in the second quarter of 2025, pending customary closing conditions.
The acquisition brings together Nearmap’s geospatial intelligence with Itel’s expertise in building material pricing and repair-versus-replace analysis, providing a single, independent source of property risk and claims insights. The companies aim to accelerate claims processing, improve settlement decisions, and enhance risk mitigation across insurance portfolios.
“This acquisition is transformative for property insurance,” said Andy Watt, CEO of Nearmap, who will lead the combined company. “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 for the insurance industry.”
Itel CEO Brian Matthews will remain in his role through the deal’s close and join the new company’s board of directors. The leadership team will include executives from both Nearmap and Itel.
“This is a win-win for insurers, adjusters, contractors, and homeowners,” said Matthews. “With instant access to Nearmap’s property intelligence, we’ll be able to deliver faster, fairer, and more accurate outcomes across the board.”
Private equity firm Thoma Bravo will serve as the lead strategic investor in the combined company. A.J. Rohde, Senior Partner at Thoma Bravo, called the deal a continuation of the firm’s support for Nearmap’s growth and innovation strategy.
“Nearmap and Itel have both built industry-leading solutions,” said Rohde. “The combination creates a unique proposition for the insurance market, with a world-class team and global scale.”
Peter Hernandez, Senior Vice President at Thoma Bravo, added: “We’re excited to support the integration of these two complementary businesses and believe the combined company is well-positioned to deliver unmatched insights across underwriting and claims workflows.”
GTCR, which acquired Itel in 2021 at a valuation of approximately $500 million, will exit its stake as part of the deal.
