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NearMap reports healthy growth post acquisition

Perth, Australia: NearMap, a Perth-based geospatial mapping company, reported a 2000 percent year-on-year growth in revenue for FY11 (July-June) to the Australian Securities Exchange (ASX).
The company provides photomaps, with images sourced from its proprietary HyperPod aerial camera technology, and claims coverage of 75 percent of the Australian population, with 60 percent of maps updated every month. In 2008, the company was acquired for USD 16 million by Perth-based IP commercialisation company ipernica, which specialises in creating and exploiting IP rights.
According to MINING.com report, revenue of the company for FY11 exceeded USD 3.5 million supported by a strong customer retention rate of 95 percent, with majority of licensees renewing contracts for two years. The Government sector, which accounts for 70 percent of the company’s existing customers, continues to be a strong area of growth with the Department of Climate Change & Energy Efficiency (DCCE) renewing its USD 1 million license for a further 12 months.
The report observed that the strong revenue growth announcement came at a pivotal time for the company as it embarks to restructure its monetisation model and maximise existing and emerging revenue streams for the capture, processing and serving of high quality and current photomaps.
Source: MINING.com & NearMap