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- Aerial mapping company Nearmap (NEA) has received a complaint filed against its U.S. subsidiary, Nearmap US
- The complaint was made by competitors Eagle View Technologies and Pictometry International to the United States District Court
- While there aren’t many details about the case, the company did say it involves the plaintiff’s roof estimation delivery
- Eagle View and Pictomery are chasing unspecified financial damages and the prevention of alleged further infringements
- Notably, Nearmap has told investors that “the business remains unaffected”
- On the market today, Nearmap dropped 13.6 per cent to trade at $2.04 per share
Nearmap’s (NEA) U.S. subsidiary, Nearmap US, is getting taken to court by competitors Eagle View Technologies and Pictometry International.
Yesterday, the aerial mapping company was made aware that a complaint was filed in the United States District Court.
While there aren’t many details about the case, the company did say it involves the plaintiff’s roof estimation delivery.
Eagle View and Pictomery are chasing unspecified financial damages and the prevention of alleged further infringements.
NEA maintains these allegations do not affect Nearmap’s technology, nor do they impact imagery surveying or the delivery of premium content.
“The business remains unaffected,” the company told shareholders this morning.
“Nearmap has always taken the subject of intellectual property rights and patent protection seriously and believes the allegations are without merit. We will
vigorously defend against the complaint,” Managing Director and CEO Rob Newman said.
Earlier this year, short seller J Capital Research stated Nearmap was “in danger of losing its toehold in the U.S. insurance segment to an intellectual property challenge.”
According to the report, Nearmap obtains around 41 per cent of its North American sales from roof reports for the insurance sector. Generally, these reports are used to assess damage claims from weather events.
However, J Capital believes the roof reports could potentially infringe on Eagleview patents.
Rob Newman has hit back at J Capital and said these figures show a “deep misunderstanding” of the business.
“The report contains many inaccurate statements, makes unsubstantiated allegations and presents a misleading representation of our business,” he told the market in February.
On the market today, Nearmap dropped 13.6 per cent to trade at $2.04 per share at 10:32 am AEST.
