Intermap Adds $1.3 Million in European Insurance Contracts
[March 14, 2023]
Intermap Adds $1.3 Million in European Insurance Contracts
Providing global insurance companies with advanced flood risk analytics
Subscriptions continue to grow and expand across Europe
DENVER, March 14, 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 multiple European insurers have agreed to expand their five-year contracts with an aggregate additional value of over $1.3 million for Intermap's flood risk software, geocoding analytics and a new generation of precision flood hazard maps for Slovakia. $700,000 of the new contracts are signed; $600,000 has been awarded and is being finalized.
“We’re pleased to see our solutions spread across Europe,” said Patrick A. Blott, Intermap Chairman and CEO. “Intermap’s global insurance solutions leverage unmatched datasets and global consistency, delivering rapid updates anywhere in the world. Our data and analytics enable insurers to provide insurance coverage that reflects current flood risk, empowering insurance companies to optimize flood risk assessment with the same confidence in all countries where they operate. With the increase in demand for our flood hazard maps across Eastern Europe, we expect further geographic expansion to other countries around the world.”
Intermap’s European flood risk software, Aquarius RMA, incorporates its unique flood hazard maps and flood analytics, produced through patented processing, AI-driven, high-resolution digital elevation models and state hydrology data to provide comprehensive information to underwrite property-specific flood risk anywhere. The cloud-based software simplifies access to critical datasets and advanced tools and is customizable to meet a variety of customer needs. Intermap’s flood datasets are continually updated to ensure customers have the most current information. This enables customers to optimize several areas of the insurance process, from primary underwriting, risk engineering, product development, to pricing, claims and reinsurance.
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:
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