Providing access to flood risk solution for 2,000 real estate brokers in the Czech Republic
Continuing to grow business across Europe
DENVER, March 15, 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 that its partner, NEMO Report, has signed a contract with the largest real estate broker in the Czech Republic, M&M Reality Holding (“M&M Reality”), to offer real estate brokers access to Intermap’s flood risk information in the Czech Republic.
NEMO Report has completed its initial proof of concept subscription with Intermap and is preparing to introduce a service that will change how the market prices real estate properties. Statistically, every fourth property in the Czech Republic is located in a zone with a higher or lower degree of flood risk. NEMO Report is setting a new standard in the Czech market for verifying available risk information for properties. Intermap’s flood risk solution for property valuation is now being offered to 2,000 real estate brokers through M&M Reality.
“Intermap’s partnership with NEMO Report has established our presence in the Czech real estate market, and this new contract demonstrates the potential to grow into a dominant market position,” said Patrick A. Blott, Intermap Chairman and CEO. “Our flood risk assessment solution provides real estate and insurance brokers with precise flood hazard maps and analytics to accurately provide coverage for clients.”
“We see ease of access to information, speed of obtaining it, automation and intelligent work with data as key catalysts for changes in the Czech real estate market, leading to greater efficiency and transparency,” said Jan Záhora, Co-founder and CEO of NEMO Report. “Now, all brokers of M&M Reality have quick and convenient access to this data. We greatly appreciate this partnership with Intermap because it contributes to raising the standard of information transparency on the Czech real estate market, which is our long-term goal,” concluded Jan Záhora.
“M&M Reality’s company-wide information system, Stormm, includes flood hazard maps and tariff zones created, which are used by the insurance market in the Czech Republic under the support of the Czech Insurance Association,” said Aleš Gorniak, M&M Reality IT Director. “Intermap’s risk data is obtained from the NEMO Report property risk database so we can offer accurate property risk valuation to clients. Our brokers are equipped with our Stormm application on a tablet, which greatly facilitates and speeds up work in a range of activities.”
Intermap’s global natural hazard risk database is available globally for real estate property valuation, representing a market that is complementary to Intermap’s principal insurance market. The global real estate software market was valued at US $9.34 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2021 to 2028 (Source). Intermap is entering this large global market at an inflection point, where an environment of interest rate volatility awards a premium for accurate pricing, with a unique product and dominant market position in Europe, executing the same proven go to market strategy that made InsitePro successful in North America.
Learn more about Intermap’s European offerings visit intermap.com/european-solutions.
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: Jennifer Bakken Executive Vice President and CFO CFO@intermap.com +1 (303) 708-0955
