Intermap has announced expected newly recurring revenue of at least $3 million since the end of Q3 2021, as the TATA award fully ramps up over the next 24 months, and including the recently announced new 5-year GPSC4 contract with the USGS.
"Driven by a proliferation of data from multiple new sources, including space, Intermap is experiencing rapid growth within its existing data and software subscription accounts around the world. Our customers are leveraging Intermap's trusted and proprietary IRIS™ technology to make multisource geospatial information useful across multiple domains, turning their geospatial information into actionable intelligence that is not dependent upon a single source or sensor," said Patrick A. Blott, Intermap's Chairman and CEO. "We are delivering high-resolution, multisource 3D digital surface models for all of India, taking advantage of Intermap's proprietary foundation data, automated feature extraction capabilities, and customer datasets to enable accounts like TATA Communications to expand its network and provide essential services across major Indian cities, integrated into existing workflows, and seamlessly providing accurate and fast answers to geospatial problems."
With over 3,200,000 square kilometers of landmass and persistent cloud cover, haze, smoke, smog and other atmospheric impediments, India presents unique challenges for companies with workflows that require geospatial intelligence. Intermap's patented IRIS data processing engine fills that data gap for TATA by integrating multisource inputs to ensure data production across all domains, in even the most austere environments, from mountainous regions in the north through the Deccan plateau to the southernmost tip of the subcontinent. High-precision, remote data reduces dependency on manned utility vehicles, allowing network planners to build and maintain their assets remotely. While North America is the largest market for GIS telecom services, Asia-Pacific is experiencing the fastest growth.
TATA Communications is a global telecom leader connecting 80% of the world's mobile subscribers in over 200 countries. TATA is rapidly expanding its fiber route and wireline capabilities to all Tier 1, Tier 2 and Tier 3 urban areas in India, which includes all cities with a population over 20,000. Intermap's expertise in large-scale 3D+ data processing and delivery enables TATA to implement millimeter wavelength network coverage. The network expansion is a massive geospatial problem to solve, and India is a vastly underserved market for telecommunications and 3D elevation products.
Globally, the GIS telecom market is expected to grow to $4.6 billion by 2030 with a CAGR of 12.2% from 2020 to 2030. Intermap intends to capitalize on this growth by providing its unmatched solutions for telecom network planning. The Company's elevation data as a service (EDaaS) solution for telecom network planning increases the efficiency and reduces the cost of planning operations for companies that operate at a large scale. Intermap builds and curates content solutions that are fit for purpose and installed through API to maximize speed, efficiency and persistence. EDaaS delivers high-resolution, 3D, multisource datasets at resolutions better than 1-meter vertical accuracy and 25cm imagery that are integrated with existing software and workflows to provide fast and accurate answers for locations anywhere in the world. Intermap has received requests for data in 1,200 Indian cities, with additional cities added as the demand for network coverage across the country continues to increase. Intermap's digital elevation surface and terrain models have a wide variety of applications in addition to telecommunications, including insurance, transportation planning, agriculture, topographic mapping and water resources management.
To learn more, watch the recent interview with GIS Café where Intermap's CEO discusses next-generation 3D GEOINT solutions here.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements, including expected recurring revenue. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX:
IMP) (OTCQX:
ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary NEXTMap® database and value-added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit
www.intermap.com.
View original content:
https://www.prnewswire.com/news-releases/intermap-expands-support-of-tata-communications-across-major-indian-cities-301419464.html
SOURCE Intermap Technologies Corporation
| Contact: |
| Company Name: Intermap Technologies Corporation
Jennifer Bakken, Executive Vice President and CFO Email Contact +1 (303) 708-0955 Web: https://www.intermap.com/ Financial data for Intermap Technologies Corporation |
