GTCR, a private equity firm, announced that it has signed a definitive agreement to sell ITEL Laboratories, Inc., a provider of data and analytics to the P&C insurance industry, to Nearmap, a portfolio company of Thoma Bravo.

Completion of the deal is expected in Q2 2025 and is subject to customary closing conditions. The financial terms of the deal were not disclosed.

"itel has always been about speed, accuracy, and independence in property claims – the 'Source for Certainty'," said Brian Matthews, itel CEO. "Now, with instant access to property intelligence from Nearmap, we can help customers respond to claims more intelligently and ensure fast, fair, and frictionless outcomes. It's a win-win for insurers, adjusters, contractors, and homeowners alike."

Headquartered in Jacksonville, Fla., itel is a data and analytics company that offers real-time material pricing and repair-versus-replace analyses to support insurance carriers and homeowners in the property claims settlement process. itel uses its proprietary data repository to deliver data insights to support over 2 million insurance claims annually.

"This acquisition is transformative for property insurance," said Andy Watt, CEO of Nearmap. "We have long admired the itel brand and by bringing our two companies together, we are combining the best of property intelligence and ground-truth data to create a true end- to-end solution that meets the most critical data needs across insurance claims and underwriting."

GTCR partnered with Matthews and the itel management team to execute a growth strategy focused on product innovation, technology enhancement and go-to-market acceleration. Under Matthews' leadership, itel launched multiple data and analytics products while building a development pipeline of new solutions. The company also invested in its technology platform, streamlined operations and consolidated its go-to-market function under the itel brand. These initiatives nearly doubled the company's revenue in three years.

"We are proud of the transformation that we accomplished at itel working in partnership with Brian and the rest of the management team. itel delivers exceptional value to the property claims ecosystem and the initiatives Brian executed in recent years have set it on an accelerated growth trajectory," said Aaron Cohen, managing director and head of financial services and technology at GTCR. "We want to thank Brian and the entire itel team for their partnership and wish them continued success."

itel's software solutions and database provide insurance companies with an objective assessment of the costs to remediate insured losses. Founded in 1993, itel serves the top 100 insurance carriers in North America. 

Nearmap is a location intelligence provider of high-resolution imagery and insights. Its Betterview and ImpactResponse platforms are integrated technology solutions built for insurers applying proprietary AI and computer vision to high-resolution aerial imagery and geospatial data, generating accurate property intelligence.