Today I’m here in Perth Western Australia. This is the city where around 15 years ago here today as we enter into an important point in the evolution of our company.
Specifically I like to share that the Nearmap board has unanimously recommended the acquisition of Nearmap by Thomo Bravo.
For those of you that are unfamiliar with Thomo Brovo, it is one of the most successful private equity firms in the world that invests in growth-oriented technology and software companies. The firm has more than US$115 million (billion) US under management. It's a company that is very familiar with our space, the location intelligence space and aerial imagery. And they're very enthusiastic about the leadership role that Nearmap has in our sector.
The offer is important because it recognises the success of nearmaps strategy and a market leadership position with hold with our technology and our products.
It’s also a very strong testament to the capability of the Nearmap team worldwide.
The offer from Thomo Barvo is subject to regulatory and shareholder approval. With that process expected to run through to about the middle of November.
For our customers and partners, it is business as usual. There will be no impact on the service you receive nor on the market-leading technology and products that you rely on.
Importantly, this is an exciting and transformational opportunity to further scale up the Nearmap business. In Australia and New Zealand where we started our business will continue to be strategically important. We'll invest and grow our business here, responding to the needs of our customers.
And in North America we are growing very rapidly, we'll continue to drive our core technology and products into our targeted markets and verticals there. Nearmap is unique, because we own the complete hardware processing, analytics and delivery pipeline for our customers. This provides us with a powerful and unrepeatable way of achieving industry-leading accuracy, quality and efficiency in the services we provide. The possible acquisition by Thomo Bravo does not change that. It does, however represent an opportunity to accelerate our plans to better serve the customers and partners.
Thank you for your continued support in partnership. Nearmap now serves more than 12,000 customers globally with over 100,000 users accessing our services. Our customers and partners are critical to our success and we look forward to collaborating with you further over the coming months. And I’ll update you more on this around the November timeframe. Thank you
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