NEA - Nearmap Limited

[frugal.rock]

For those interested in nearmap, you may like to take a look at 3DP
Another player in the market.
DYOR

That post was 30th July last year.
A 1 year 3DP chart...

So Nearmap method of flying and then trying to sell doesn't work in the US.
A clear case of not understanding their market.
I remember being frustrated with Nearmap also as they didn't seem to understand the purpose I wanted to use them for, which would be the case for many surveyors in Australia.

3DP on the other hand, hired one of the best Sales guys from Eagleview US back in early 2018...

http://www.pointerra.com/wp-content/uploads/2018/01/3dp-announcement-pointerra-commences-us-operations-final-030118.pdf

 

[Miner]

That post was 30th July last year.
A 1 year 3DP chart...

View attachment 119894

So Nearmap method of flying and then trying to sell doesn't work in the US.
A clear case of not understanding their market.
I remember being frustrated with Nearmap also as they didn't seem to understand the purpose I wanted to use them for, which would be the case for many surveyors in Australia.

3DP on the other hand, hired one of the best Sales guys from Eagleview US back in early 2018...

http://www.pointerra.com/wp-content/uploads/2018/01/3dp-announcement-pointerra-commences-us-operations-final-030118.pdf

Near Map, good days are likely to be over.
Read the recent trading halt at the complaint of short-seller J Capital based in China

https://www.jcapitalresearch.com/nearmap.html

Nearmap (ASX:NEA) share price sinks 7% on scathing short seller attack

The Nearmap Ltd (ASX:NEA) share price is sinking on Thursday after becoming the latest company to be targeted by overseas short sellers...

www.fool.com.au

 

[galumay]

Near Map, good days are likely to be over.

I dunno @Miner, despite all I have posted about this company, I think the J-Cap report brings nothing really new to the table, everyone knew the accounting was loose, that it was a very competitive landscape and that management had been very promotional for years.

Won't surprise me if management release a denial full of hype & narrative for the future, it comes out of suspension and goes up in price. In this market that would seem as probably as anything else!

 

[Dona Ferentes]

Interesting .....

guidance upgrade

an increase to the Company’s FY21 Annual Contract Value guidance to $128m-$132m (from $120m-$128m). On the back of a strong 1H21 performance, the Company has seen momentum continue with growth across its core industry verticals from both new and existing customers

... so NEA jumps 15%, and now entered a trading halt in relation to potential legal proceedings.

 

[galumay]

Flying their Cessnas too low?

 

[Miner]

Near Map woken from deep slumber giving the market a nice performance and market rewarded with a price rise too.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02394649-2A1309535?access_token=83ff96335c2d45a094df02a206a39ff4

 

[galumay]

Here we go again, more retail investors being set up to lose capital. Have a look at that second graph @Miner - is that whats called scaling up? As revenue has increased each year, so have the losses!!

 

[Dona Ferentes]

Nearmap has received a non-binding indicative proposal from software investment firm Thoma Bravo, to acquire all the shares at $2.10 cash each.

Nearmap said its board determined the proposal, which was received on July 6, was “credible and sufficient” to grant non-exclusive due diligence access. Nearmap has granted exclusivity to Thoma Bravo for 7 days starting August 15.

Three year chart:

 

[mullokintyre]

From Business Australian
NEA on the table.
Take the money and run, and run quickly.

Nearmap has hired investment bank Citi and law firm DLA Piper after receiving a $1.1bn buyout proposal from private equity firm Thoma Bravo.
The $2.10 per share cash bid values the company’s equity at about $1.1bn and the offer is a 39 per cent premium to Nearmap’s closing share price of $1.51 on Friday.

Thoma Bravo is working with law firm Gilbert + Tobin and has been granted exclusive due diligence for seven days.
Nearmap Limited is an Australian aerial imagery technology and location data company that provides frequently-updated, high-resolution aerial imagery of 90 per cent of Australia‘s population, 80 per cent of the United States population, 75 per cent of the New Zealand population, and 65 per cent of Canada’s population.

Thoma Bravo is one of the largest private equity firms in the world with more than $Us114bn in assets under management, investing in growth oriented companies in the software and technology sectors.

It has invested in more than 380 companies worth over $US190bn collectively on an enterprise value basis.

Its offer was received by Nearmap on July 6 and the company had offered due diligence to Thoma Bravo.

The company’s due diligence is now at an advanced stage and the exclusive due diligence period starts on August 15.

Nearmap has also agreed to pay Thoma Bravo an expense reimbursement fee of up to US$3m if an agreement is not reached.

The offer comes after a number of other non-binding expressions of interest for Nearmap, the company said.

The board did not consider the offers to be in the best interests of shareholders.

Mick

 

[mullokintyre]

Nearmap has received a non-binding indicative proposal from software investment firm Thoma Bravo, to acquire all the shares at $2.10 cash each.

Nearmap said its board determined the proposal, which was received on July 6, was “credible and sufficient” to grant non-exclusive due diligence access. Nearmap has granted exclusivity to Thoma Bravo for 7 days starting August 15.

DF, we must gave been typing our posts at the same time.
Mick

 

[Dona Ferentes]

DF, we must gave been typing our posts at the same time.
Mick

LoL ... We're pretty slow; the Ann came out at 8.26am. I added the chart after first posting (so I could beat you)

It would be a pretty brave speculator to buy on the way down .... but seeing Thomas Bravo approached NEA at its nadir, I'd suspect someone thought it was a good idea.

 

[galumay]

That is the luckiest escape in the world for holders of the box brownie & cessna business. Take the money and run!

 

[sptrawler]

That is the luckiest escape in the world for holders of the box brownie & cessna business. Take the money and run!

Yes I've never been convinced by them, but the other week I had to get quotes to replace the gutters on a dozen units, all three contractors came and looked at the job counted the downpipes and measured nothing.
They are all using nearmaps to quote, which I found interesting as one said yes they get you in then crank the subscription fees, so maybe it is actually getting some traction in the market?

 

[sptrawler]

Sounds like Nearmap has been mopped up at $2.10 a share, just when they were starting to get market traction.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02608774-2A1418509?access_token=83ff96335c2d45a094df02a206a39ff4

 

[Dona Ferentes]

a suitable interval

Mass layoffs at Nearmap as US owner wields axe​

Multiple sources close to [Nearmap] told The Australian Financial Review that chief executive Rob Newman had resigned, chief financial officer Penny Diamantakiou had left the company, and chief operations officer Andy Watt would become CEO.
The chief marketing officer, Harvey Sanchez, is also understood to be leaving.
At the same time, Nearmap staff are expected to be informed on Wednesday morning that 20 per cent of staff will be made redundant, with Australian employees expected to bear the brunt of the layoffs.
One source described what was unfolding as a cautionary tale for other Australian tech companies and said, “while the message from PE can be one thing, once they take over, they can do anything.”