Upsell grows monthly recurring revenue by more than 13% since the end of 2022
Company on track for continued double digit growth in 2023 subscription revenue
DENVER, March 30, 2023 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQX: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced a $1 million cornerstone multi-year renewal of its InsitePro® insurance software. The new subscription is InsitePro’s largest single contract to date and delivers a 130% increase in monthly recurring revenue (MRR) over the previous subscription. This growth correlates with increasing market demand for reliable data and tools to accurately measure and monetize climate risk and the business growth InsitePro delivers for its clients.
InsitePro is a Software as a Service package that delivers property-specific underwriting analytics for flood insurance anywhere in the U.S. and Canada. InsitePro’s subscription revenue has grown at a 15% CAGR since 2018, which corresponds with the growth of the U.S. private flood insurance market it predominantly serves. InsitePro has achieved its highest booking total in the first quarter of this year, surpassing the fourth quarter results in 2022. Additionally, the Company has maintained a net annual revenue retention rate greater than 90% for the eighth consecutive quarter. This renewal has resulted in a 13% increase in InsitePro's MRR since the end of 2022, providing a strong foundation for sustainable growth in 2023 and beyond.
“InsitePro is continuing its strong start in 2023, driven by a combination of increasing uninsured flood losses across the U.S. and a hard market providing an opportunity for global insurers to grow premium,” said Patrick A. Blott, Intermap Chairman and CEO. “InsitePro delivers the necessary geospatial analytics to enable new entries into flood insurance and reliable growth for market incumbents. The ability to underwrite flood effectively, including risk-selection and pricing, unlocks enormous potential premium for insurers and helps them provide a critical component of society’s resilience to climate risk.”
Learn more about Intermap’s insurance solutions and InsitePro at intermap.com/insurance
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue 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.
For more information, please visit www.intermap.com or contact: Jennifer Bakken Executive Vice President and CFO CFO@intermap.com +1 (303) 708-0955
