Intermap Technologies Corporation reported financial results for the fourth quarter and year ended December 31, 2014. A conference call will be held today, March 30th, at 5:30 p.m. Eastern Time to discuss the results.
All amounts in this news release are in United States dollars unless otherwise noted.
In 2014, Intermap's focus was on the continued development of its Orion Platform®, coupled with operational preparation to support anticipated Spatial Data Infrastructure ("SDI") contract(s). The Company's Orion Platform and its SDI capabilities were designed to derive answers for customers and provide recurring revenue streams for the Company.
"The year 2014 was a year of investment in Intermap's future. We continued to make major advancements in our platform software capabilities, our NEXTMap database, and in our professional services competencies," said Todd Oseth, President & CEO of Intermap. "This investment positions the Company well for the coming year to deliver on the Orion Platform promise we made to our customers. We are currently pursuing large SDI projects which have initial delivery periods of at least two years, and are designed to generate recurring revenue streams for years to follow. We believe the Company's internal investment during 2014 was necessary to position the Company for success in these areas."
Mr. Oseth continued, "In 2014, Intermap introduced its InsitePro™ software application, which is focused on the property insurance market. During the course of the year, the InsitePro product team talked to over 40 primary insurers, resulting in significant insight into the needs of property insurers and the competitive landscape. The combination of Intermap's high-quality terrain data and European insurance experience, provides a compelling basis to drive the further development of InsitePro. No competitor has access to comparable data assets and flood insurance underwriters recognize this value." Mr. Oseth added, "The ongoing development of Intermap's Orion Platform presents a way for InsitePro to become a complete underwriting solution for large insurance carriers, including some of the world's largest multi-nationals. InsitePro's first customer was Swiss Re, delivering flood underwriting software for use in Brazil. As InsitePro enters 2015, we remain confident in the business potential as we continue to add new functionality and integrate new datasets into the software."
