Nearmap, a location intelligence and aerial imagery solutions provider, has signed an agreement to acquire Betterview, a property intelligence and risk management platform in the insurance industry.
Founded in Australia in 2007, Nearmap expanded operations into the U.S. in 2014. Today’s announcement marks a step in Nearmap’s continued global growth strategy, according to a company press release.
“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,” said Nearmap CEO Andy Watt in the release. “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 and automate underwriting and inspection workflows.
Betterview Co-Founder and CEO David Lyman said in the release that the acquisition of Betterview by Nearmap is part of an effort to increase access to imagery and property intelligence solutions for the insurance industry
“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,” added Betterview Co-Founder and COO Dave Tobias.
Nearmap and Betterview aim to use a historical archive for change analysis, post-catastrophe imagery, and AI attributes to improve underwriting, property condition identification and mitigation of risk, enhance visualization and interpretation of AI-powered property attributes, and provide regular analytics and insights.
Completion of the acquisition is subject to customary closing conditions. The financial terms of the deal have not been disclosed. Jefferies served as exclusive financial advisor to Betterview.