NearMap revenue grew 2,000% in FY11: ipernica

NearMap revenue grew 2,000% in FY11: ipernica

Technology and IP commercialisation company ipernica (ASX:IPR) estimates its NearMap aerial mapping service grew its FY11 revenue 2,000% to $3.5 million.

NearMap has to date generated subscription and on request revenue totalling $8.3 million, of which around 69% came from government sources, ipernica said.

The service, providing close-range aerial mapping content via desktop and mobile apps, has around 70 government users.

NearMap also serves clients in the insurance, real estate, utilities and mining sectors. Ipernica boasts customer retention rates for the service of around 95%.

In a market update, ipernica said it is working to modify the business model so that commercial customers, including the growing number of SMB clients, can subscribe only to the content that suits their needs.

Costs associated with developing the NearMap business were partly responsible for the 58% increase in ipernica's FY10 loss to $7.3 million.

In 1H11, ipernica reported a loss of $3.5 million but grew its revenue 57% to $1.6 million. And in May, the company estimated it will benefit to the tune of $2.9 million from settling a lawsuit against Ericsson over alleged violation of its Statistical Multiplexing data transmission patent.

IPR shares grew 13.33% in Tuesday's trading to $0.085.

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