NEA valuation, page-35

We had the exact same situation with Spookfish (SFI), and I had my fair share of comments on all of that, being a previous heavy user of Nearmap products. Spookfish and Nearmap should have merged, in my opinion, so that Nearmap could get indirect exposure to their main competitor in US, and control the two world's best automatic aerial photography technologies rather than now the US Eagleview owning it. Just looking at the SFI image quality alone should have driven Nearmap board into keeping SFI aussie. And just a word of warning for investors, as soon as civilian aerial photography drones are permitted in US, Nearmap has a competitor that will almost certainly reduce the massive operating margin Nearmap currently enjoys (800% in Oz excluding overheads/cost of sales/marketing).