Rochester, US: Pictometry International Corp. received USD 63 million minority equity investment from Spectrum Equity Investors. As a result of the transaction, Spectrum Managing Director Chris Mitchell will join the Pictometry board of directors.
Richard Hurwitz, CEO, Pictometry, said. “In addition to providing partial liquidity to our shareholders, this transaction enables Pictometry to benefit from Spectrum’s industry expertise and more effectively pursue our potential and achieve our aggressive growth goals.”
According to Pictometry’s press statement, the company uses a proprietary image capture and processing technology to produce Pictometry Intelligent Images, a database of aerial imagery of unsurpassed resolution and quality. Unlike traditional geospatial information systems that rely on orthogonal (top-down) views of area, Pictometry’s oblique (at an angle) imagery creates a natural, 3D view so users can see land features and structures clearly and in their entirety. The imagery provides something traditional ortho imagery or even satellite and PGS mapping cannot provide: a detailed metric oblique view of any feature.
Chris Mitchell, said, “Given the breadth and quality of the Pictometry database, and its relevance to so many emerging business, consumer and government applications, we think the company is well-positioned to grow for many years to come. We have been pursuing a transaction with the Company for almost seven years, and so we are thrilled to have the opportunity to support Pictometry’s expansion strategy.”