NEA 14.36%: the mapping tech business now expects Annual Contract Value (ACV) to come in at $133.8m after upping guidance only 10 weeks ago to $128-132m. The unaudited figure would see ACV growth of 26% for the year coming on the back of strong North American sales after a rethink of the process. The May upgrade came just a day before it was announced US competitor Eagle View was looking to sue Nearmap for patent breaches. Nearmap continue to deny the claims, however it has caused some pressure on the share price in recent times. They also announced a technological breakthrough today with testing underway for a new product set to hit the market later this financial year.
MM is neutral NEA
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