Location intelligence and aerial imagery solutions provider, Nearmap has reached an agreement to acquire Betterview, the property intelligence and risk management platform, which the former says reinforces the its position as a leading source of imagery intelligence, data and solutions.
The completion of the acquisition is subject to customary closing conditions, with the financial terms of the deal not being disclosed.
Founded in 2007, the Australia-domiciled company, Nearmap, is one of the world’s largest location intelligence and aerial imagery solutions providers. The firm expanded its operations into the U.S. in 2014 to help companies better visualize the truth on the ground to make more informed business decisions.
The acquisition marks a significant milestone in the advancement of the Nearmap global growth strategy, says the company.
Andy Watt, Chief Executive Officer of Nearmap, commented: “The Nearmap acquisition of Betterview is transformative for the industry. 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 applies 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.
David Lyman, Betterview’s Co-Founder and CEO, added: “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.”
Dave Tobias, Betterview’s Co-Founder and COO, said: “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.
The collaboration of the two companies aims to harness the power of 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.
This is being done through more efficient development of insurance solutions and capabilities, faster and more accurate underwriting, property condition identification, and overall mitigation of risk.
