Nearmap, a global leader in property intelligence, has announced plans to acquire Itel, a specialist in property claims solutions, in a transaction valued at approximately $1.3 billion, including debt. The acquisition unites Nearmap’s advanced geospatial intelligence with Itel’s deep expertise in building material pricing and repair-versus-replace analysis, establishing a powerful, independent source for property risk and claims insights. Together, these two proptechs are poised to streamline the claims process, enhance settlement decisions, and significantly improve risk mitigation across insurance portfolios.

Nearmap to Acquire Itel in $1.3 Billion Deal, Creating $8 Billion Property Intelligence Powerhouse