- Intermap Technologies Corporation (IMP) has signed contracts with members of the Czech Association of Insurers worth US$3.1 million
- The contracts are for Intermap’s flood risk software, Aquarius RMA, and a new generation of precision flood hazard maps
- A substantial upfront payment will be owed by year-end, followed by five-year recurring subscriptions
- The Czech Republic insurance industry is expected to be worth US$11 billion by 2026
- Intermap Technologies Corporation (IMP) is up 10.00 per cent, trading at $0.44 per share as of 12:02 p.m. ET
Intermap Technologies Corporation (IMP) has signed contracts with members of the Czech Association of Insurers for multiyear, multi-license agreements worth US$3.1 million.
The contracts are for Intermap’s flood risk software, Aquarius RMA, and a new generation of precision flood hazard maps.
The company stated a substantial upfront payment will be owed by year-end, followed by five-year recurring subscriptions.
The Czech Association of Insurers underwrites 98 per cent of the total premiums in the Czech Republic.
Last month, Intermap’s U.S. insurance software solution, InsitePro, reported its largest monthly revenue to date. This rate is expected to grow by 21 per cent for monthly recurring revenue.
Patrick A. Blott, Intermap’s Chairman and CEO, commented,
“From Florida to Croatia, recent flooding has been catastrophic. Insurance providers are now preparing for the future by repricing risk and subscribing to Intermap’s global solutions, including our cloud-based software and precision flood hazard maps.”
Last year, the Czech Republic insurance industry was valued at US$7.9 billion. The industry is forecasted to grow at a compound annual growth rate of 6.50 per cent from 2021 to 2026, for a value of US$11 billion.
Intermap Technologies Corporation (IMP) is up 10.00 per cent and is trading at $0.44 per share as of 12:02 p.m. ET.