Leading location intelligence and aerial imagery company Nearmap Ltd (NEA:ASX) is providing a further update on its North American business, having exceeded more than US$2 million in incremental annual contract value (ACV) from its government portfolio in North America in a single quarter (Q3 FY22).
This announcement continues the strong momentum for the Australian-headquartered technology company, which in March 2022 announced it had for the first time surpassed $150 million in Group ACV, and that it had signed its largest ever government annual contract in North America. This followed an update in December 2021, where Nearmap announced its North American ACV portfolio had for the first time surpassed US$50 million, and had for the first time exceeded the ACV of its Australian and New Zealand portfolio.
Nearmap Managing Director and Chief Executive Officer, Dr Rob Newman, said: “Nearmap is attracting new business in North America at a record pace. With momentum already strong across our core verticals, the ability to exceed our target for the government sector in Q3 FY22 by adding more than $2 million in incremental annual contract value shows the underlying strength of our business and proposition.”
Nearmap General Manager of North America, Tony Agresta, said: “Government customers in North America continue to be drawn to the diverse and innovative applications for Nearmap content and solutions. Nearmap has continued to extend our coverage model while delivering new products to market including the only scalable 3D and artificial intelligence data sets in the market. This world-leading capability complements our core vertical and oblique imagery products.”
Mr Agresta added: “Existing and emerging use cases for Nearmap location intelligence straddle the many levels of government organisations, including urban planning, transportation, emergency management, law enforcement and water resource management. More and more government entities in North America are tasting the ‘secret sauce’ that helps them to make smarter and better decisions for the communities which they serve. Nearmap is very optimistic about further opportunities to scale-up our business in North America. We’ll also continue to deepen existing relationships by serving more of their needs and providing additional premium content, including geospatial 3D and artificial intelligence data sets. We’re also finding more and more government entities want to embed our imagery and artificial intelligence data into their workflows.”
Nearmap re-affirms it expects the Group ACV portfolio to close FY22 at the upper end of the $150m-$160m guidance range (FY21: $128.2m)1.
NB: All figures are in Australian dollars, unless otherwise stated.
1 Guidance remains based on the FY21 year-end USD exchange rate of 0.7518 as outlined at the time guidance was issued
Board of Nearmap Ltd
About Nearmap | nearmap.com
Nearmap (ASX:NEA) provides easy, instant access to high resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in Australia, New Zealand, the United States and Canada several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data driven insights—enabling informed decisions, streamlined operations and better financial performance. Nearmap was founded in Australia in 2007 and is one of the largest aerial survey companies in the world.