Nearmap (ASX:NEA) share price lower despite new product announcement

Nearmap has announced a new product…

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The Nearmap Ltd (ASX: NEA) share price was out of form on Wednesday despite a promising announcement.

The aerial imagery technology and location data company’s shares ended the day 1% lower at $1.92.

What did Nearmap announce?

This morning Nearmap announced the Australian launch of its powerful tool: Nearmap ImpactResponse.

The company notes that communities and organisations are often overwhelmed and overstretched following natural disasters and weather catastrophes. This includes facing barriers such as limited ground/road access.

In response to this, the company is launching Nearmap ImpactResponse. This product includes aerial imagery, location data, and geospatial tools to allow organisations to better assess damage, plan a disaster response, and manage rebuilding and recovery efforts.

It notes that insurers will also be equipped with the best possible property data and intelligence to deliver a quick and effective claims response, to support customers when they need it most.

This will be achieved by Nearmap aiming to be one of the first organisations to fly and capture aerial imagery of communities affected by natural disasters. By doing so, it expects this powerful city-wide data will be available within days of each event to better support recovery efforts.

Management commentary

Nearmap’s Managing Director and Chief Executive Officer, Dr Rob Newman, said: “Our customers have told us aerial imagery, location intelligence and geospatial tools enable them to rapidly assess and understand the situation on the ground following natural disasters, at a time when ground access is limited, and inspection resources are stretched. At these critical times, Nearmap ImpactResponse equips organisations with another powerful first line of response following natural disasters.”

“Nearmap teams work hard to provide the largest post-catastrophe coverage footprint in Australia. Nearmap has committed to cover an extra ~15,000 sq km of disaster-affected territory outside and above our regularly scheduled capture program which covers more than 90% of the Australian population,” he added.

The Nearmap share price is down 15% year to date.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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