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Commercial markets rebounding quickly with growing demand around the world for Intermap's elevation data-as-a-service
DENVER, May 26, 2021 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial intelligence solutions, today announced further expansion into Asian infrastructure markets, with its first commercial client in India, as well as continued work in the Middle East for a new public infrastructure client in Saudi Arabia.
Intermap has entered into a strategic agreement with TATA Communications, a global telecom leader connecting 80% of the world's mobile subscribers in over 200 countries. Intermap will initially support TATA's expansion of its 5G wireless telecommunications network in select Indian cities.
Intermap has also entered into an agreement with a multinational engineering company conducting site analysis and project feasibility in the Middle East. This contract, covering several thousand square kilometers in Saudi Arabia, enables a construction project for energy-related infrastructure including power transmission.
Intermap's elevation data-as-a-service (EDaaS) solution for telecom network and real estate site planning increases the efficiency and reduces the cost of planning operations for companies that operate at country-wide or even global scale. EDaaS delivers high-resolution, 3D, multi-sourced datasets through APIs and other web services that are integrated with existing software and workflows and provide fast and accurate answers for locations anywhere in the world, available immediately, and with extremely high global precision.
Leveraging the Company's progress and lessons learned in the United States, these contracts mark Intermap's rapid entry into broader commercial markets in Asia and the Middle East. Specifically, the Indian commercial geospatial market is among the largest, yet most underserved markets in the world. Beyond telecom, Intermap's high-resolution 3D datasets for India can serve insurance and aviation applications.
In an environment where Intermap's U.S. government prime contractor partners have retrenched due to the pandemic, delaying government revenue, Intermap's commercial business is proving resilient, now with over 80 EDaaS customers, almost half of which have signed subscriptions. Year-to-date, approximately 57% of Intermap's commercial sales have been subscription-based.
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"Intermap is a global leader in elevation data and analytics, and these contracts demonstrate how we are now serving multinational commercial clients in more places around the world," said Patrick A. Blott, Intermap's Chairman and CEO. "Foreign governments have greater flexibility to acquire commercial products and software directly from Intermap and we have begun to see these sales recover this quarter. It is our expectation that U.S. prime contractor bottlenecks are improving as vaccine levels accelerate and the economy re-opens, and that recovery in our U.S. government sales will follow before the end of the year. In the meantime, India presents a unique opportunity for Intermap to provide TATA Communications with bespoke solutions available globally on demand. These turnkey and customizable products make the world's best 3D geospatial data accessible to non-expert users. They are scalable and sufficiently flexible to help address TATA's vast global ecosystem of geospatial requirements."
Learn more about TATA Communications here.
Learn more about Intermap's telecom products and services here.
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.
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About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP;OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company's commercial applications include aviation and UAV flight planning, flood and wildfire insurance, 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.
SOURCE Intermap Technologies Corporation
Filed Under: Business
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