By Ateev Bhandari and Pritam Biswas

May 20 (Reuters) - Thoma Bravo-backed Nearmap has agreed

to buy insurance technology provider itel from private equity

firm GTCR, the companies said on Tuesday, as it looks to expand

its offerings across property portfolios.

The deal values itel at over $1.3 billion, including debt, a

source familiar with the matter told Reuters. GTCR declined a

comment on the deal value.

The deal highlights the revived deployment of dry powder by

buyout firms as the industry's recovery from high interest rates

was disrupted by tariff-driven turbulence.

The exchange of private assets in the secondaries market has

also come to the forefront, with the freeze in IPO market, the

traditional liquidity source for private equity, forcing many

managers to sell their holdings at a discount.

Founded in 1993, itel uses its proprietary database and

technology to reduce costs for insurance companies in the

property and casualty segment. The company also assists

policyholders with damage assessments through its mobile

platform.

Jacksonville, Florida-based itel provides its services to

all of the top 100 insurance carriers in North America.

GTCR, which manages over $45 billion in capital, bought itel

in August 2021 from PNC Riverarch Capital. The firm, in a

release on Tuesday, said that the insurance tech firm had

doubled its revenue over the past three years.

"GTCR has been a great partner to us as we have built itel

into a leading data and analytics company in the property claims

ecosystem," said itel CEO Brian Matthews in a statement.

The sale to Thoma Bravo comes just over a month after GTCR

achieved a rare, significant return by selling its 55% stake in

payments processor Worldpay to Global Payments ( GPN ) in a

$24.25 billion three-way deal.

In an environment where private equity firms have been

compelled to hold onto their investments for longer periods,

Thoma Bravo has also been active, liquidating its holding in

exchange operator Nasdaq in two separate block trades

earlier in the month.

Thoma Bravo had acquired Australia-based insurance

technology firm Nearmap in December, 2022.

Raymond James and Bank of America acted as the financial

advisers to itel, while Latham & Watkins served as its legal

counsel.