- Nearmap has announced an agreement to acquire Betterview.
- The move will strengthen and complement Nearmap’s existing insurance solution.
- Data decisions are crucial given the ever changing nature of bush fires, floods, and other disasters.
Location intelligence and aerial imagery solutions company, Nearmap, has announced the signing of an agreement to acquire Betterview.
Betterview is a property intelligence and risk management platform within the insurance industry. The company uses artificial intelligence (AI) and computer vision to assist with property risk identification, mitigation, and improvement, and to help automate underwriting and inspection workflows.
Nearmap was founded in Australia in 2007 and expanded its operations into the United States of America in 2014.
The acquisition is expected to strengthen and complement Nearmap’s existing insurance solution, with Nearmap CEO, Andy Watt, noting the importance of data-driven decisions in the current climate.
“With Australia now increasingly susceptible to natural disasters like bushfires and floods, our insurance landscape is more complex than ever – data-driven decisions are crucial,” he said.
“Nearmap’s acquisition of Betterview will help us bring even more powerful insurtech solutions to the market.
“Insurers will be able to deliver more personalised, efficient service to policyholders by empowering their teams with deep-tech disaster intelligence to stay ahead of the curve.”
Watt added that the integration of the Betterview platform and AI solutions into the Nearmap technology stack will enable better visualisation of the truth on the ground with a richer, more powerful set of AI capabilities that combine the best of both companies.
“This a significant milestone in our ongoing efforts to innovate solutions for insurance carriers and expand our presence within the property and casualty space.”
Completion of the acquisition is subject to customary closing conditions. The financial terms of the deal have not been disclosed. Jefferies served as the exclusive financial advisor to Betterview.
