Intermap Completes PCI Geomatics Deal, Targets $15M in 2027 Commercial Revenue

Key Points

• Intermap completed its $7.7 million acquisition of PCI Geomatics on Oct. 7, combining Intermap’s 3D geospatial data and AI analytics with PCI’s image-processing software and cloud applications.
• The combined company expects $12 million to $15 million in commercial revenue and about $5 million in adjusted EBITDA in 2027, with recurring revenue doubled and more than 30,000 installed licenses across 150-plus countries.
• Intermap sees additional upside from government and defense programs, including a delayed Indonesia mapping opportunity, while pursuing integrated geospatial products, new commercial applications and potential future acquisitions.

Intermap Technologies TSE: IMP said it completed its acquisition of PCI Geomatics on Oct. 7, 2026, using $7.7 million in cash to acquire the PCI shares it did not already own.

The transaction followed PCI shareholder approval on Sept. 25 and a final court order on Oct. 2, according to Patrick Blott, Intermap’s chairman and chief executive officer. Blott said the acquisition is intended to combine Intermap’s 3D geospatial data, artificial intelligence and machine-learning analytics with PCI’s image-processing software, cloud-native applications and commercial-space relationships.

“This is a customer-driven transaction,” Blott said, describing demand for more integrated geospatial intelligence, faster processing and delivery of data through customers’ existing workflows.

Recurring Revenue and Commercial Opportunity

Blott said the acquisition doubles Intermap’s recurring revenue and adds more than 30,000 installed licenses across more than 150 countries. He characterized PCI’s business as having low customer churn, proprietary algorithms embedded in critical workflows and a software-as-a-service model.

The combined company expects its commercial revenue stream for the year ending in 2027 to generate $12 million to $15 million of revenue and about $5 million in adjusted EBITDA. Blott said the outlook implies approximately 100% growth and contribution margins exceeding 50%.

That guidance excludes potential government procurement revenue, including opportunities in Indonesia, because the timing of contract awards remains uncertain. Blott said the company’s commercial forecast incorporates accounts where it has visibility and contract longevity, while government programs represent potential additional upside.

Intermap declined to provide a breakdown of expected 2027 commercial revenue between PCI’s existing operations and Intermap’s organic growth. Blott also said the stated commercial margin profile refers to the contribution margin of that business rather than costs associated with Intermap’s acquisition-services operations.

Integrated Products and Customer Applications

Intermap plans to pursue bundled offerings that combine proprietary data with software, aiming to improve automated image processing, add 3D context and support machine-to-machine workflows. Blott said the company has already introduced an AI- and machine-learning-driven orthorectification service that uses global digital elevation models for geolocation accuracy.

He said Intermap has won several customers since introducing that product about a month earlier and is white-labeling it through geospatial platforms. The company is also combining the service with PCI customer imagery for a satellite account, he said.

Blott cited insurance as an example of a commercial application, saying insurers can use geospatial intelligence layers to assess risks, validate claims and monitor environmental changes such as sand dunes or barrier reefs. He said customers are seeking data platforms that can combine imagery with other sources of geospatial intelligence rather than relying on a single data product.

PCI’s image-processing tools can help customers convert imagery into usable information, while Intermap’s elevation data and analytics can help position imagery accurately on the ground, Blott said. The companies also see an opportunity to expand distributed edge processing and microservices, potentially reducing latency while maintaining data security, provenance and sovereignty.

Government and Defense Programs

Blott said the combination could support Intermap’s pursuit of government and defense programs by providing tools for secure, distributed and accurate geospatial intelligence. He pointed to customer demand for information that can be delivered closer to field operations rather than processed centrally and distributed later.

Indonesia remains an important opportunity, though Blott said macroeconomic and geopolitical conditions have contributed to delays. He said Indonesia still needs mapping capabilities and that funding for the map program remains committed to a specific use case from a third party.

Intermap is maintaining operational readiness for the potential Indonesian program, including personnel, assets, permitting and computing commitments. Blott said the company has the capacity to pursue other active government opportunities at the same time, but maintaining readiness for large programs can weigh on its acquisition-services business.

The company also referenced $150 million of additional liquidity associated with the Indonesian bid, though Blott did not provide further details. He said global financial institutions support the government and program and that Intermap is accessing capital and commitments to support its bid.

On other government work, Blott said contracts involving NGA, Luno and DARPA were in the contracting stage and that the company hoped to provide more information soon.

Additional Strategic Priorities

Blott said Intermap sees active defense-market demand and is participating in requests for proposals as a combined company. He added that the company has had key contracts renewed since the transaction closed.

Intermap also continues to evaluate a potential stock-market up-listing. Blott said accounting and logistical requirements are no longer obstacles, but management does not want to proceed without sufficient investor demand and valuation support.

Regarding further acquisitions, Blott said the PCI transaction has generated additional conversations with potential sellers. He said Intermap tracks potential targets and seeks businesses that address identified capability gaps, while emphasizing that acquisitions are evaluated carefully because of the specialized nature of the company’s government, defense and commercial customer bases.

About Intermap Technologies (TSE:IMP)

Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows.

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