Further to Nearmaps announcement on 14th December regarding it’s North American business surpassing it’s ANZ business in Q2 FY22.
In an AusBiz interview attached below,
CEO Rob Newman said Nearmap was now a truly global company and that the bulk of its future growth will come from North America. He made a few comments about EU expansion and the current legal battle with Eagleview that some Strawman holders might find interesting
When asked about further geographical expansion, he indicated that their next step is to expand their offering into the EU over the next year or two via some of their existing Australian and US Multi National customers interested in EU content.
Interestingly, he said the cost of doing this would not be as expensive as it was when they launched into the US and he hoped to make an announcement about this soon.
WRT, Nearmaps current legal battle with it’s chief competitor Eagleview, Rob Newman indicated it was Nearmaps success in North America that was the motivation for Eagleviews claims and that it is a tactic often used by a competitor in the US to create noise around a company (like Nearmap) that was growing it’s business very significantly. He said that legal proceedings were not impacting their performance at all.
Once again, he reiterated, he was confident that Eagleviews claims are without merit and that Nearmap would continue to grow their US business at an accelerating rate.
https://www.ausbiz.com.au/media/north-america-overtakes-anz-business-for-nearmap?videoId=18052§ionId=1913
Disc: I have owned Nearmap in RL since 2014 from when I was a Hidden Gems member with TMF and have trimmed it numerous times at much higher prices than they are today - I have done well from it.
I currently don’t own NEA on SM but I’ll keep a watching brief on them as they cement their US operations and wait until the results of the pending litigation become more obvious.
