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.”
Intermap Reader Advisory
Certain information provided in this news release 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.