Transaction Provides Liquidity to Pictometry Shareholders and Enables Growth Agenda
Rochester, NY, May 4, 2011 – Pictometry International Corp., the leading provider of aerial oblique imagery and measuring software, announced today that it has received a $63 million minority equity investment from Spectrum Equity Investors. As a result of the transaction, Spectrum Managing Director Chris Mitchell will join the Pictometry board of directors.
“We are pleased to engage with such a widely-recognized and respected strategic investment partner,” said Pictometry CEO Richard Hurwitz. “In addition to providing partial liquidity to our shareholders, this transaction enables Pictometry to benefit from Spectrum’s industry expertise and more effectively pursue our potential and achieve our aggressive growth goals.”
Pictometry uses a proprietary image capture and processing technology to produce Pictometry Intelligent Images®, a database of aerial imagery of unsurpassed resolution and quality. Unlike traditional geospatial information systems that rely on orthogonal (top-down) views of area, Pictometry’s oblique (at an angle) imagery creates a natural, three-dimensional view so users can see land features and structures clearly and in their entirety. The imagery provides something traditional ortho imagery or even satellite and PGS mapping cannot provide: a detailed metric oblique view of any feature. Pictometry’s data and software are widely used by county GIS, planning and assessing professionals around the country and a growing number of commercial businesses in industries such as construction, insurance, real estate and utilities.
“Pictometry is a recognized innovator in the geospatial industry and a leading provider of solutions designed to harness the use of rich visual information,” said Chris Mitchell. “Given the breadth and quality of the Pictometry database, and its relevance to so many emerging business, consumer and government applications, we think the company is well-positioned to grow for many years to come. We have been pursuing a transaction with the Company for almost seven years, and so we’re thrilled to have the opportunity to support Pictometry’s expansion strategy.”
About Spectrum Equity Investors
Spectrum Equity investors is a private equity firm focused on investing in profitable, growing businesses in the information economy. Founded in 1994 with offices in Boston and Menlo Park, Spectrum manages over $4.7 billion of committed capital. Spectrum invests behind strong management teams and has been an active investor in the data, information and digital media industries; investments include Ancestry.com (NASDAQ: ACOM), Demand Media (NYSE: DMD), iPay Technologies (acquired by Jack Henry), ITA Software (acquired by Google), Risk Metrics (acquired by MSCI), Seisint (acquired by LexisNexis), SurveyMonkey, and World-Check. For more information, visit www.spectrumequity.com.
About Pictometry
Pictometry International Corp. is a leading provider of geo-referenced, aerial image libraries and related software. Pictometry has captured over 140 million digital aerial images which represent more than 80 percent of the United States population and all major U.S. markets. Using its proprietary imaging process, Pictometry captures geo-referenced, high-resolution orthogonal (straight down view) and oblique (captured at an angle) imagery within which structures and land features can be measured. Pictometry customizes and markets these technologies for government and commercial applications. Pictometry’s standard oblique imagery includes second order visualization tools that do not produce authoritative or definitive information (surveying). For more information, visit www.pictometry.com.