Nearmap Ltd (ASX: NEA) is a technological company that specialises in high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. Nearmap has a market capitalisation of A$1.2 billion.
Perth stadium aerial imagery ( https://www.nearmap.com/)
What is Nearmap’s recent announcement?
Today (12 December 2019) Nearmap announced it has acquired technology and intellectual property from Primitive LLC (Pushpin), a deep learning and analytics technology company that extracts data to provide roof geometry insights. Nearmap notes that the new technology allows Nearmap to rapidly extract and disseminate roof geometry from its side scale 3D content and offer a new type of location intelligence to customers.
Nearmap’s management notes:
By acquitting Pushpin’s 3D geometry extraction technology and paring it with our rich data, we bring the bet of both worlds together at unprecedented scale.
The acquisition cost US$3.5 million and is expected to provide additional revenue growth for Nearmap soon.
What is the market reaction?
The market initial reaction to Nearmap’s announcement is slightly negative. Nearmap is down 1.5% and is currently trading at A$2.56 (10.20am). However, it is important to note that the ASX 200 is down today by around 0.16%.
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