Intermap Technologies (OTCMKTS:ITMSF) Stock Soars Following $3.1 Million Contract with Multiple European Insurers

There were a number of stocks which had managed to make strong moves on Monday to start the week off with a bang and one of those was the Intermap Technologies (OTCMKTS:ITMSF) stock. Following a key development the stock had come into sharp focus among investors and ended up with gains of as much as 20% for the day yesterday.

Trading Data

On Monday, ITMSF stock surged 19.89% to $0.3400 with more than 264.06K shares, compared to its average volume of 29.26K shares. The stock moved within a range of $0.2873 – 0.3400 after opening trade at $0.2964.

Intermap Announces $3.1 Million Contract with Multiple European Insurers

The company is a worldwide leader in the field of 3D geospatial data and intelligence products. The company announced yesterday that the Czech Association of Insurers had reached an agreement to ink multi-license, multi-year contracts for the company’s product Aquarius RMA, which is a food risk software. The value of the contracts signed by Intermap Technologies is worth $3.1 million and hence, the optimism among investors was perhaps no misplaced.

In addition to that, it should also be noted that the agreement also has provisions for considerable upfront payments for Intermap by the end of the year. On the other hand, there are also going to be recurring five year subscriptions. Czech Association of Insurers is going to be responsible for underwriting the entirety of the premiums in its home country. It may be a good idea for investors to add the Intermap stock to their watch lists.

Key Quote

“With historic flooding around the world, the need for climate resilience is irrefutable and urgent,” said Patrick A. Blott, Intermap Chairman and CEO. “From Florida to Croatia, recent flooding has been catastrophic. Insurance providers are now preparing for the future by repricing risk and subscribing to Intermap’s global solutions, including our cloud-based software and precision flood hazard maps.”

Technical Data

ITMSF stock is trading above the 20-Day and 50-Day Moving averages of $0.31 and $0.33 respectively. However, the stock is trading below the 200-Day moving average of $0.42.