Shares in aerial mapping business Nearmap Ltd (ASX: NEA) are up 6.3 per cent to 42 cents in afternoon trade after the business revealed a new partnership with rival US-based earth imaging business OmniEarth.

The agreement reportedly provides Nearmap with access to a larger range of potential customers in the US, while OmniEarth will gain access to Nearmap’s geographically wide and frequently updated image library.

Nearmap has built a successful business in Australia and is hoping to repeat the trick in the larger US market, with total sales in the US of US$525,000 for the quarter ending March 31 2016. In Australia, unaudited subscription revenue was up 32% over the prior corresponding quarter to hit $7.8 million.

The accelerating revenue growth in the Australian business is a positive sign, although the stock price is likely to be guided by the results of its attempts to grow sales in the US, where it has invested heavily for growth.

The deal with OmniEarth is likely to boost Nearmap’s profile among its US target audience, even if it’s not material to Nearmap’s prospects for revenue growth in the country.

For investors prepared to take on more risk Nearmap remains attractive as a speculative buy given it’s posting accelerating and double-digit quarter-on-quarter revenue growth, with high gross margins that provide excellent operating leverage.

The balance sheet is also in excellent shape with no debt and $14.4 million cash in hand as at December 31 2015. This should be plenty to see the business through to a cash flow positive status for its US operations assuming it is able to deliver a decent rate of revenue growth. If Nearmap can keep up its recent track record of moderate success the share price is likely to hit a pleasant updraught over the medium term.

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Motley Fool contributor Tom Richardson owns shares of Nearmap Ltd.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.