Nearmap maps out regional push ahead of takeover vote

The aerial mapping firm says it will soon cover 95 per cent of the population with push into rural Australia as shareholders mull a $1.1bn buyout bid.

Nearmap Chief Executive Officer Dr. Rob Newman in Sydney. Picture: NCA NewsWire / Dylan Coker

ASX-listed aerial mapping firm Nearmap says it is on track to reach a coverage footprint to 95 per cent of the Australian population, as the company nears a critical shareholder vote on a $1.1bn takeover bid.

Ahead of its annual customer event NAVIG8 next week, Nearmap executives said the company was adding 23,000 square kilometres of captured footprint annually, including 82 new locations across regional and rural Australia, lifting Nearmap’s national coverage footprint to over 500,000 square kilometres.

The imaging technology outfit has managed to avoid the market carnage impacting other local tech companies, with its shares up 8.2 per cent over the past year and 35.6 per cent over the last six months, giving it a valuation of nearly $1bn. It’s still in takeover talks with San Francisco-based private equity giant Thoma Bravo, which has lobbed a $2.10 bid for Nearmap, a deal that has won the approval of the board but is yet to receive a tick from shareholders, who are set to vote in November. Shares in Nearmap last traded at $1.98.

Thoma Bravo was an underbidder on rival EagleView seven years ago, and Nearmap is embroiled in a legal dispute with EagleView and another US rival, Pictometry, over claims of patent infringement.

“Nearmap has been steadily growing our market-leading capture program to better support more communities across Australia. Our customers, who rely on Nearmap to be their eye in the sky, have been asking us to expand the reach of our captures, particularly to regional areas of the country,” said Nearmap’s general manager for Australia and New Zealand Daniel Paull.

“The expanded aerial coverage complements our city-scale 3D content, artificial intelligence data sets, and geospatial tools to ensure our customers are supported by the very best technology in the market.

“These innovations will ensure that Nearmap consistently provides the best solution for our customers, especially as we continue to enhance our product offering for customers across all sectors including government, insurance, architecture, construction and engineering.”

Nearmap captures aerial imagery that covers around 73 per cent of the population in New Zealand, 80 per cent in the US, and 64 per cent in Canada.