Join our daily newsletter At The Bell to receive exclusive market insights
- Nearmap (NEA) announces it has achieved an annual contract value (ACV) of $150 million for its group portfolio, labelled a “key financial milestone”
- The contract surpasses a previous ACV worth US$50 million (A$66.7 million) and also surpassed its Australia and New Zealand ACV portfolio
- Nearmap expects that its North American operations will continue to contribute the majority of group ACV in the future, after also signing its largest ever government annual contract in North America
- Additionally, the company promotes its Senior Vice President of Product Don Weigel to the executive leadership team, in a shift to becoming a solutions provider
- On the market, NEA shares is up 13.1 per cent and trading at $1.47 each
Aerial imagery company Nearmap (NEA) has achieved an annual contract value (ACV) of $150 million for its group portfolio, labelled a “key financial milestone.”
Nearmap said that this contract surpasses a previous ACV worth US$50 million (A$66.7 million) and also surpassed its Australia and New Zealand ACV portfolio.
It is expected that Nearmap’s North American operations would continue to contribute the majority of Group ACV in the future, as the company also signed its largest ever government annual contract in North America.
“Nearmap is in an incredible position where we continue to win new customers and retain existing customers due to our world-leading location intelligence offering,” said Nearmap CEO and Managing Director Dr Rob Newman.
“To announce this ACV milestone in the same month we signed our largest ever government annual contract in North America shows our global growth engine continues to power ahead.”
The company also promoted its Senior Vice President of Product Don Weigel to the executive leadership team, in a shift to becoming a solutions provider.
Mr Weigel will continue to be based in the US, and his promotion follows the appointment of vertical General Managers in North America.
As part of the company’s growth ambitions, it is also searching for a US based Non-Executive Director or Advisory Board member to join the Board of Directors.
Nearmap re-affirms that it expects the group ACV portfolio to close FY22 at the upper end of the $150-$160 million guidance range.
On the market, NEA shares are up 13.1 per cent, trading at $1.47 each as of 10:34 am AEDT.
