Nearmap to acquire insurtech company itel from GTCR
Private equity firm GTCR has reached an agreement to offload ITEL Laboratories (itel) to Nearmap, a portfolio company of Thoma Bravo.
Based in Jacksonville, Florida, US, itel provides data analytics and insights to support the property and casualty insurance industry, with a focus on property claims settlements.
Investment in the company's technology platform and operational streamlining are said to have almost doubled its revenue within three years, while opening 'new future growth opportunities'.
The acquisition will see Nearmap and itel combine their expertise to offer underwriting and claims insights, aiming to improve claims processing and risk mitigation.
Nearmap CEO Andy Watt will lead the combined company, while itel CEO Brian Matthews will oversee the transition and join the board of directors.
Thoma Bravo will be the lead investor in the merged entity.
Watt said: 'This acquisition is transformative for property insurance. We have long admired the itel brand and by bringing our two companies together, we are combining the best of property intelligence and ground-truth data to create a true end-to-end solution that meets the most critical data needs across insurance claims and underwriting.'
The deal, due for completion in the second quarter of 2025 (Q2 2025), is subject to standard closing conditions.
Goodwin Procter was legal advisor to Nearmap and Thoma Bravo.
Itel received financial advice from Raymond James and Bank of America and legal advice from Latham & Watkins.
Matthews stated: 'Now, with instant access to property intelligence from Nearmap, we can help customers respond to claims more intelligently and ensure fast, fair and frictionless outcomes. It is a win-win for insurers, adjusters, contractors and homeowners alike.'
Earlier this month, GTCR, along with Synova, agreed to acquire JMG Group, a UK-based insurance broker.
"Nearmap to acquire insurtech company itel from GTCR " was originally created and published by Life Insurance International, a GlobalData owned brand.
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