Nearmap's (ASX:NEA) North American ACV to surpass Australia & NZ

Company News

by Lauren Evans

For the first time ever, Nearmap (ASX:NEA) expects the annualised contract value (ACV) of its North American portfolio to surpass the ACV of its Australia and New Zealand portfolio by the end of the month.

The aerial imagery company said the North America business is expected to represent majority of the group’s ACV portfolio in the future as growth in that market continues to accelerate. Meanwhile, the Australia and New Zealand business continues to perform well.

“This historical milestone for Nearmap follows the very positive momentum we’re seeing in our business in North America. We purposefully refined our go-to-market strategy in the region at the beginning of FY21 to focus on three core industries: government, insurance, and roofing,” said CEO Rob Newman.

“The expected North America milestone also comes in the 1H FY22 period when Nearmap has surpassed US$100 million in Group ACV and US$50 million of ACV in our North America portfolio. Nearmap will continue to invest in this strategic market.”

Shares in Nearmap (ASX:NEA) are trading 6.1 per cent higher at $1.56.

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