SOUTH JORDAN, Utah--(EON: Enhanced Online News)--Over the past 12 months, market-leading location content provider Nearmap (ASX: NEA) has continued to add new customers and annual contract value at a rapid pace. On the back of strong results in both the U.S. and Australia, the company recently completed a capital raise of about $15 million (AU$20 million) to fuel sales and marketing for Nearmap’s U.S. division while also accelerating the current deployment of location content using HyperCamera2 for 3D data.
“Now is the time to accelerate our growth in the U.S. business—with more sales and marketing, additional camera systems and flight operations. Our imagery transforms the way organizations operate, and this capital raise will expand our ability to better serve markets and customers in the U.S.”
“As U.S. operations continue to expand, transaction volumes and annual contract value have shown strong quarter over quarter growth in each of our core market segments,” said Patrick Quigley, senior vice president and general manager for Nearmap, North America. “Now is the time to accelerate our growth in the U.S. business—with more sales and marketing, additional camera systems and flight operations. Our imagery transforms the way organizations operate, and this capital raise will expand our ability to better serve markets and customers in the U.S.”
Nearmap’s business in the U.S. is balanced across civil engineering, construction, energy, government and other commercial sectors such as insurance, utilities and telecommunications. All of these markets are showing strong growth.
Nearmap brings the real world to you. We capture, manage and deliver the most current location content in the world, allowing businesses and governments to explore their environment easily. With Nearmap, organizations unlock opportunities that consistently inform decision-making and transform the way they work. Our high-resolution, frequently updated aerial imagery is 2.8” GSD, better than satellite imagery. Delivered within days of capture, Nearmap shows changes over time. Users save time and money, reduce site visits and efficiently plan with current, clear imagery.
Nearmap is delivered through a refreshingly easy-to-use interface called MapBrowser or accessed via Esri® and Autodesk products.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from or not subject to, the registration of the U.S. Securities Act and applicable U.S. state securities laws.