The Nearmap share price has now tripled in value in 12 months

The Nearmap Ltd (ASX: NEA) share price continued its impressive run and pushed higher again on Thursday.

At one stage the geospatial map technology company’s shares were trading at an all-time high of $2.88, before ending the day 5.5% higher at $2.85.

Incredibly, today’s gain means that Nearmap’s share price has now risen a massive 205% since this time last year.

Why has the Nearmap share price tripled in value in just 12 months?

Investors have been fighting to get hold of this exciting company’s shares after it delivered further strong growth in the first half of FY 2019.

Last month Nearmap released its half year results and revealed revenue of $36.3 million, up 46% on the prior corresponding period.

This was driven by strong demand for its offering in both the Australia and U.S. markets, taking its annualised contract value (ACV) 44% higher to $78.3 million. Its ACV more than doubled in the United States to US$17.8 million and increased 23% in Australia to $53.3 million.

The positives didn’t end there, though, with the company continuing to see improvements in all the right areas.

During the half the company’s average revenue per subscriber grew to $8,410 and its churn levels fell to 6% from 9%. This ultimately left Nearmap with a total subscriber lifetime value of $1.07 billion, which was an increase of 123% on the prior corresponding period.

Is it too late to invest?

I’ve been very impressed with Nearmap’s progress over the last couple of years and feel confident there will be more of the same in the second half and FY 2020. Furthermore, with the company planning to expand its offering into new territories, its market opportunity is growing and providing it with a significant runway for growth.

Overall, I feel this could make it worth considering a buy and hold investment in its shares along with fellow tech stars Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX)

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Altium and Appen Ltd. 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 Scott Phillips.

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