GTCR, a private equity firm, has reached a definitive agreement to sell ITEL Laboratories, Inc., a data and analytics provider for the property and casualty (P&C) insurance sector, to Nearmap, a company backed by Thoma Bravo. The transaction is anticipated to close in the second quarter of 2025, pending standard closing conditions, although financial details remain undisclosed.

Brian Matthews, CEO of ITEL, emphasized the company's commitment to speed, accuracy, and independence in property claims, referring to ITEL as the "Source for Certainty." He noted that the partnership with Nearmap will enhance their ability to provide property intelligence, enabling more efficient claims responses and better outcomes for insurers, adjusters, contractors, and homeowners.

Based in Jacksonville, Florida, ITEL specializes in real-time material pricing and repair-versus-replace analyses, aiding insurance carriers and homeowners in the claims settlement process. The company utilizes a proprietary data repository to support over two million insurance claims each year.

Andy Watt, CEO of Nearmap, described the acquisition as transformative for the property insurance industry. He expressed admiration for the ITEL brand and highlighted the potential of combining their strengths to create a comprehensive solution that addresses critical data needs in insurance claims and underwriting.

GTCR collaborated with Matthews and the ITEL management team to implement a growth strategy focused on product innovation, technology improvements, and market acceleration. Under Matthews' leadership, ITEL launched several new data and analytics products and invested in its technology platform, which contributed to nearly doubling the company's revenue over three years.

Aaron Cohen, managing director at GTCR, praised the transformation achieved at ITEL, noting the exceptional value it brings to the property claims ecosystem. He acknowledged the successful initiatives led by Matthews and expressed gratitude for the partnership, wishing the ITEL team continued success.

Founded in 1993, ITEL provides insurance companies with objective assessments of remediation costs for insured losses and serves the top 100 insurance carriers in North America. Nearmap, known for its high-resolution imagery and insights, offers integrated technology solutions like Betterview and ImpactResponse, which leverage AI and computer vision to deliver accurate property intelligence.