Nearmap Acquiring itel to Add to Property Intelligence, Underwriting And Claims Services

Property intelligence provider Nearmap is acquiring itel, a provider of property claims services.

Andy Watt, Nearmap’s CEO, will serve as CEO for the combined company, while itel CEO Brian Matthews will continue to lead itel through closing and will serve on the board of directors. The leadership team will consist of individuals from both companies. Thoma Bravo, a software investment firm, will be the lead strategic investor in the combined company.

Completion of the deal is expected in the second quarter and is subject to customary closing conditions.

Jacksonville, Florida-based itel provides property claims services, including building material pricing and repair-versus-replace analysis.

Nearmap, which has its home office in Australia and its North American office in Lehi, Utah, is a provider of location intelligence from camera to capture to processing.