New recurring subscriptions for cloud-based
software solutions and precision flood hazard maps
Bolstering global climate resilience with
innovative tools and analytics
DENVER, Oct. 17,
2022 /CNW/ - Intermap Technologies (TSX: IMP)
(OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in 3D
geospatial data and intelligence solutions, today announced
multiple members of the Czech Association of Insurers have agreed
to sign multiyear, multi-license contracts, with a total value of
USD $3.1 million, for Intermap's
flood risk software, Aquarius RMA, and a new generation of
precision flood hazard maps.
The new suite of agreements includes substantial upfront payment
by year end, followed by five-year recurring subscriptions. The
Czech Association of Insurers underwrite 98% of the total premiums
in the Czech Republic. This
multi-license contract with the major insurers in the market will
provide critical access to flood hazard maps, high-resolution 3D
data, and analytics across the industry. Intermap's cloud-based
software will be integrated seamlessly into the insurers'
workflows, streamlining analytics and geocoding capabilities and
providing a comprehensive evaluation of flood risk that insurers
will use to underwrite property.
As evidenced by recent storms such as Hurricane Ian in
Florida as well as historic
flooding in Pakistan and
Australia, the insurance industry
is grappling with the devastating effects of record natural
catastrophes. Underwriters have discovered that their traditional
methods of risk assessment are insufficient. Intermap's innovative
solutions are invaluable tools as providers recalibrate their risk
profiles. Existing customers continue to expand their contracts and
grow their utilization while the demand from new customers
continues to increase. In September
2022, Intermap's U.S. insurance software solution,
InsitePro, generated its largest monthly revenue results ever. On a
run-rate basis, this contract is expected to add 21% growth to
monthly recurring revenue.
"With historic flooding around the world, the need for climate
resilience is irrefutable and urgent," said Patrick A. Blott, Intermap Chairman and CEO.
"From Florida to Croatia, recent flooding has been
catastrophic. Insurance providers are now preparing for the future
by repricing risk and subscribing to Intermap's global solutions,
including our cloud-based software and precision flood hazard
maps."
The Czech Republic insurance
industry was valued at USD $7.9
billion in 2021. The industry is forecasted to grow at a
CAGR of 6.5% from 2021 to 2026, reaching USD $11 billion in 2026 (source).
Learn more about Intermap's European offerings visit
intermap.com/european-solutions.
Intermap Reader Advisory
Certain information provided in this news release,
specifically the total contract, monthly recurring revenue and
industry values and growth, constitutes forward-looking statements.
The words "anticipate", "expect", "project", "estimate",
"forecast", "will be", "will consider", "intends" and similar
expressions are intended to identify such forward-looking
statements. Although Intermap believes that these statements are
based on information and assumptions which are current, reasonable
and complete, these statements are necessarily subject to a variety
of known and unknown risks and uncertainties. Intermap's
forward-looking statements are subject to risks and uncertainties
pertaining to, among other things, cash available to fund
operations, availability of capital, revenue fluctuations, nature
of government contracts, economic conditions, loss of key
customers, retention and availability of executive talent,
competing technologies, common share price volatility, loss of
proprietary information, software functionality, internet and
system infrastructure functionality, information technology
security, breakdown of strategic alliances, and international and
political considerations, as well as those risks and uncertainties
discussed Intermap's Annual Information Form and other securities
filings. While the Company makes these forward-looking statements
in good faith, should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary significantly from those expected.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Company will
derive therefrom. All subsequent forward-looking statements,
whether written or oral, attributable to Intermap or persons acting
on its behalf are expressly qualified in their entirety by these
cautionary statements. The forward-looking statements contained in
this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or
to revise any of the forward-looking statements made herein,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities law.
About Intermap
Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX:
ITMSF) is a global leader in geospatial intelligence solutions,
focusing on the creation and analysis of 3D terrain data to produce
high-resolution thematic models. Through scientific analysis of
geospatial information and patented sensors and processing
technology, the Company provisions diverse, complementary,
multi-source datasets to enable customers to seamlessly integrate
geospatial intelligence into their workflows. Intermap's 3D
elevation data and software analytic capabilities enable global
geospatial analysis through artificial intelligence and machine
learning, providing customers with critical information to
understand their terrain environment. By leveraging its proprietary
archive of the world's largest collection of multi-sensor global
elevation data, the Company's collection and processing
capabilities provide multi-source 3D datasets and analytics at
mission speed, enabling governments and companies to build and
integrate geospatial foundation data with actionable insights.
Applications for Intermap's products and solutions include defense,
aviation and UAV flight planning, flood and wildfire insurance,
disaster mitigation, base mapping, environmental and renewable
energy planning, telecommunications, engineering, critical
infrastructure monitoring, hydrology, land management, oil and gas
and transportation.
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SOURCE Intermap Technologies Corporation
