Capitalizing on expansion of private flood market in 2021
Company growth fueled by new InsitePro® clients and renewal increases
DENVER, CO - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) (“Intermap” or the “Company”), a global leader in geospatial content development and intelligence solutions, today announced that InsitePro® monthly recurring revenue (MRR) grew by 22% since the end of 2020. Year-to-date, InsitePro has renewed 100% of its customers, a third of which had >80% increase in annual subscription revenue. InsitePro also increased services revenue by 50% and grew the number of clients by 27%. Almost half of InsitePro subscriptions are multiyear agreements.
InsitePro is a SaaS package that delivers property-specific risk analytics for underwriting flood insurance anywhere in the U.S. and Canada, using Intermap’s proprietary, global, 3D elevation data. Intermap currently provides Elevation Data as a Service (EDaaS) to 80 customers.
The U.S. flood insurance market is expanding in 2021 in response to premium increases and the rollout of the National Flood Insurance Program’s Risk Rating 2.0 updates. The U.S. flood market is one of the largest untapped sources of new premium for insurers, with over $5 billion in unwritten premium available.
For each of the past five years, revenue has grown between 10% and 25% annually and this year’s growth is proving to be sustainable based on three key indicators. In addition to the 0% churn as of July 1, InsitePro has an Annual Gross Retention (AGR) of 90% and an Annual Net Retention (ANR) of 105%. The InsitePro sales pipeline is positioned to further increase the MRR growth rate in the second half of the year.
“Intermap’s enterprise software business continues to deliver a strong platform for the Company to deliver world-class geospatial data and analytics,” said Patrick A. Blott, Intermap’s Chairman and CEO. “Our fundamental capabilities make geospatial intelligence usable by non-experts, and InsitePro is a perfect example of this. InsitePro ensures underwriters have access to the best possible data and models in real time, without the need to hire a large team of GIS experts.”
For more information, please contact:
Executive Vice President and CFO
+1 (303) 708-0955