Nearmap, a leading property intelligence provider, announced on May 20, 2025, its acquisition of itel, a trusted provider of property claims solutions. This strategic combination merges two respected brands in the insurance industry to form a powerful, integrated platform supporting the full insurance lifecycle — from underwriting to claims settlement.
A Comprehensive Solution for Insurers
This acquisition joins Nearmap’s aerial imagery and property intelligence capabilities with itel’s ground-level data and analysis services. itel specializes in building material pricing and repair-versus-replace assessments—critical elements in efficient, accurate property claims handling.
Together, the companies aim to deliver an end-to-end platform that empowers insurers to:
- Process claims more quickly
- Make smarter and more defensible settlement decisions
- Improve underwriting accuracy
- Support proactive risk mitigation efforts
The integration of these capabilities will give insurance carriers a single, independent source of reliable insights across entire property portfolios.
Leadership and Investment
The combined company will be led by Andy Watt, current CEO of Nearmap. itel’s CEO, Brian Matthews, will continue to oversee itel operations through the deal’s closing and will join the company’s Board of Directors. The leadership team will feature executives from both organizations, combining industry knowledge and operational expertise.
Thoma Bravo, a prominent software investment firm, will serve as the lead strategic investor in the merged entity. Thoma Bravo has been a long-term partner to Nearmap and is well-positioned to help accelerate innovation and growth across the new, combined platform.
Industry Impact
This move represents a significant evolution in how insurers approach property risk. The combined Nearmap-itel platform will streamline insurance workflows and reduce friction for carriers, adjusters, and policyholders by unifying data from aerial imagery and on-the-ground assessments.
The shared focus on speed, accuracy, and independence positions the platform as a true “source of certainty” for the insurance sector, improving outcomes and reducing delays throughout both underwriting and claims processes.
Deal Timeline and Advisors
The acquisition is expected to close in the second quarter of 2025, pending customary conditions. Financial details have not been disclosed. Legal and financial advisors involved in the transaction include:
- Goodwin Procter (legal counsel to Nearmap and Thoma Bravo)
- Raymond James and Bank of America (financial advisors to itel)
- Latham & Watkins (legal counsel to itel)
This acquisition marks a significant step forward for the property insurance industry, promising enhanced capabilities, streamlined operations, and better service across the board.
About Nearmap
Nearmap is the location intelligence provider customers rely on for consistent, reliable, high- resolution imagery, insights, and answers to create meaningful change in the world. The Betterview and ImpactResponse platforms by Nearmap are integrated technology solutions built for insurers applying proprietary AI and computer vision to high-resolution aerial imagery and geospatial data, generating highly accurate property intelligence. Insurance companies are empowered with on-demand insights throughout the policy lifecycle that increase quoting speed and accuracy, optimize underwriting efficiency, enhance property risk mitigation, and expedite claims. Nearmap is the only full stack provider of location intelligence—from camera, to capture, to processing, as utilized in the Betterview and ImpactResponse platforms. For more information, please visit www.nearmap.com.
About itel
itel is a data and technology company that is a source for certainty in the property insurance claims process. itel serves as an independent intermediary to insurers, adjusters, contractors and homeowners, providing objective data and expert analysis that optimize the claims process. With itel, claims are settled accurately, fairly and with greater efficiency. For more information, please visit www.itelinc.com.
About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$179 billion in assets under management as of December 31, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 520 companies representing approximately US$275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.