Intermap Technologies (OTCMKTS:ITMSF) Stock On Radar After Latest News

Worldwide leader in 3D geospatial products and intelligence solutions, Intermap Technologies (OTCMKTS:ITMSF) was in focus on Thursday after it announced that a major client had renewed a subscription worth $1 million. It was a cornerstone multi-year renewal for its InsitePro insurance platform.

Trading Data

On Thursday, ITMSF stock decreased 7.28% to $0.4600 with 32.64K shares, compared to its average volume 28.95K shares. The stock moved within a range of $0.4505 – 0.4700 after opening trade at $0.4700.

Intermap Announces $1 Million Subscription by Major Insurance Client

The latest subscription is the biggest single contract that the company bagged in its history and would lead to  a rise of as much as 130% in monthly recurring revenue. The growth that the company is going to experience could be seen as a direct consequence for the demand for more reliable data and tools so as to measure and monetize climate risk more accurately.

InsitePro is accrual a Software as a Service package offered by Intermap which provides underwriting analytics for flood insurance for specific properties all over the United States and Canada. Since 2018, the subscription revenue from the product has grown at 15% CAGR and that also corresponded with the growth in the private flood insurance market in the United States that it primarily serves. The product clocked its highest booking quarter in the first quarter of 2023 and surpassed the booking clocked in the fourth quarter of 2022.