Perth-base​d maps firm seeks new horizons

Perth-based geospatial mapping company NearMap has reported a 2000 per cent year-on-year growth in revenues, as the company targets an expansion into new platforms and customer segments.

Nearmap.com provides photomaps, with images sourced from its proprietary HyperPod aerial camera technology, and claims coverage of 75 per cent of the Australian population, with 60 per cent of maps updated every month.

In 2008, the company was wholly acquired for $16 million by Perth-based IP commercialisation company ipernica, which specialises in creating and exploiting IP rights.

In the financial year ending 30 June 2011, NearMap generated revenues in excess of $3.5 million, according to a statement published on the securities exchange, which also said that the business was primarily driven by government business.

The public sector constitutes 70 per cent of its customer base, including a $1 million licence renewal by the Department of Climate Change and Energy Efficiency.

The company is targeting additional revenue streams by providing services across a range of platforms, including web, mobile, mobile apps and an API, NearMap CEO Simon Crowther said in the statement.

It will also develop services targeted at small business and consumers.

"We are actively developing new subscription models and products to support this strategy and to address the significant demand we are experiencing for our content from multiple sectors, from SMEs through to the Federal Government," Crowther said.