I'm honestly not qualified to answer that. My best guess would be that EV would have to screw up royally to end up in such a position, which I doubt they'd do.
To add to my earlier post, I recall a conversation I had with Rob maybe in 2018. I think I was picking his brain about EagleView and I remember him commenting that Vista Equity Partners (owners of EagleView) are extremely smart operators. Which is to add to my earlier comments regarding negligence (or lack thereof) -- I think Rob and Nearmap are very mindful of who they are up against.
NEA Price at posting:
$1.72 Sentiment: Buy Disclosure: Held