(Image source: Nearmap.)
Nearmap (Lehi, Utah), one of the world’s largest location intelligence and aerial imagery solutions providers, has signed an agreement to acquire Betterview (San Francisco), a property intelligence and risk management platform for the insurance industry. The financial terms of the deal have not been disclosed. Jefferies Group LLC (New York) served as exclusive financial advisor to Betterview.
Founded in Australia in 2007, Nearmap expanded operations into the U.S. in 2014 with the stated mission of helping companies better visualize “the truth on the ground” to make more informed business decisions, according to a Nearmap statement. Nearmap characterizes its announcement of the acquisition of Betterview as a significant milestone in the advancement of its global growth strategy. Nearmap says the acquisitio will reinforce the company’s position as a leading source of imagery intelligence, data and solutions, and expand and complement its expertise and capabilities for insurance customers and partners. Nearmap was acquired by insurance technology-focused software investment firm Thoma Bravo in an all-cash deal for $729 million, concluded mid-December 2022
Nearmap describes Betterview as an established and trusted source of property intelligence and risk management for the insurance industry, applying artificial intelligence and computer vision to help identify and mitigate property risk, improve and automate underwriting and inspection workflows, and provide a more productive, seamless customer experience.
“The Nearmap acquisition of Betterview is transformative for the industry,” comments Andy Watt, CEO, Nearmap. “Integrating the Betterview platform and AI solutions into the Nearmap technology stack will enable better visualization of the truth on the ground with a richer, more powerful set of AI capabilities that combine the best of both companies. This is a significant milestone in our ongoing efforts to innovate solutions for insurance carriers, and expand our presence within the property and casualty space.”
Betterview co-founder and CEO David Lyman expanded on the companies complementarity, commenging that, “Combining the offerings of two best-in-class providers will deliver greater impact for insurers. The acquisition of Betterview by Nearmap will increase access to premium imagery and cutting-edge, scalable property intelligence solutions for the insurance industry.”
Developing Greater Products
“We are optimistic about the outcomes this acquisition will bring to our customers, the potential for developing even greater products together, and the impact it will have on the future of the insurance industry,” adds Dave Tobias, co-founder and COO, Betterview.
Through the combination of their offerings Nearmap and Betterview will harness the power of the first-class image intelligence and property risk-management technology solutions—including a historical archive for change analysis, comprehensive post-catastrophe imagery, and AI attributes—to provide customers and partners with greater certainty and clarity, through the following, according to the Nearmap statement:
- More efficient development of insurance solutions and capabilities;
- Faster and more accurate underwriting, property condition identification, and overall mitigation of risk;
- Enhanced visualization and interpretation of over 100 AI-powered property attributes;
- Deeper analytics, with more recency, and regularity through insights easily accessible within a browser, via API or business intelligence tools, or seamlessly integrated with existing underwriting or claims core systems.