- Leading aerial mapping business, Aerometrex (AMX) has seen a growth in corporate subscribers for its MetroMap
- During the September quarter, the company signed Suncorp and PSMA to its MetroMap services
- These signings have contributed to a $1.1 million annualised recurring revenue, which has grown 65 per cent quarter on quarter and 670 per cent on the prior corresponding period
- With its recent purchase of Spookfish Australia, nearly all customers are onboard the MetroMap
- On market close, Aerometrex is up 4.64 per cent and is trading $1.24 per share
Leading aerial mapping business, Aerometrex (AMX) has seen a growth in corporate subscribers for its MetroMap.
During the September quarter, the company signed Suncorp, PSMA and other corporate companies to its MetroMap services. In total, these contracts have a minimum value of $860,000.
These signings have contributed to a $1.1 million annualised recurring revenue (ARR), which has grown 65 per cent quarter on quarter and 670 per cent on the prior corresponding period.
Metromap is an online imagery web-serving application which offers high-quality accurate imagery to customers via a data as a service subscription model.
The subscription offers four captures every year for each major capital city, as well as rural and regional city captures.
“The growth in MetroMap’s ARR for the 3 months to 30 September demonstrates strong growth and reflects the growing uptake of the service by large corporate organisations as well as small and medium-sized enterprises,” the company told the market.
“This growth has been largely achieved during the period most affected by general economic uncertainty over COVID-19,” it announced.
Suncorp Agreement
Suncorp has chosen MetroMap as its aerial imagery provider for data analytics. The data will provide accurate imagery of over 8.5 million residences across capital cities and selected regional towns in Australia.
PSMA agreement
Another agreement is with Australia’s authoritative source of geospatial vector data, PSMA Australia, now known as Geoscape Australia.
“Geoscape Australia has collaborated with Aerometrex for several years and our product portfolio has benefited greatly from their high-quality imagery and related services,” Geoscape Australia CEO Dan Paull said.
“We believe they’re the best at what they do in Australia, so we’re excited to deepen our partnership and, in doing so, take Geoscape to the next level of quality, making it Australia’s most accurate and up to date national built environment dataset,” he added.
Spookfish Australia
Earlier this year, the company purchased Spookfish Australia for $1.5 million.
Aerometrex has said almost all former customers of Spookfish have been successfully ported to MetroMap. 250 new customers have been bought into MetroMap from the recent acquisition.
Managing Director, Mark Deuter, said the last three months have shown the company’s focus on MetroMap.
“We have demonstrated our ability to scale our capture and processing effort while still maintaining accuracy and further improving the quality and resolution of the product,” he said.
“The endorsement of subscriptions by major corporate customers indicates that the value in our offering is now understood by the market and is materialising in the growth of ARR,” he added.
Aerometrex’s will continue to promote MetroMap throughout the first 2021 financial year.
“We are continuing to heavily promote MetroMap and our 3D Modelling services and we expect to see continued growth during the first half of the 2021 financial year,” he added.
On market close, Aerometrex is up 4.64 per cent and is trading $1.24 per share.