Aerial survey insurtech Nearmap will acquire Florida’s Itel, which provides data and analysis during claims, including building material pricing and repair-or-replace advice.  

Itel says it is “an independent intermediary to insurers, adjusters, contractors and homeowners”, ensuring claims are settled “accurately, fairly and with greater efficiency”.

Sydney-based Nearmap’s CEO Andy Watt, who will head the combined company, says the acquisition is “transformative for property insurance”. 

“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,” he said. 

Software investment group Thoma Bravo is lead investor in the combined company. 

Itel CEO Brian Matthews will be on the board and the leadership team will be drawn from both businesses. 

Nearmap was founded in Australia in 2007 and expanded into the US in 2014. It bought San Francisco-based Betterview in 2023.  

It uses AI and computer vision to identify and mitigate property risk and improve and automate underwriting and inspections. 

Its patented camera systems and software capture urban areas in the US, Canada, Australia and New Zealand several times each year.