RP Data chief executive officer Graham Mirabito says the company has acquired a comprehensive intellectual property portfolio relating to Automated Valuation Models (AVMs) and Indices from Rismark International.
This includes domestic and international patents, patents applications and associated methodologies.
“RP Data has had a successful strategic alliance with Rismark International for the past eight years as our primary local analytics partner,” says Mirabito.
“During this period, Rismark has compiled valuable intellectual property in connection with the residential property asset class which is recognised in Australia, New Zealand and the United States.”
Mirabito says the partnership has benefitted both companies – Rismark teaming up with a leading property data company, and RP Data profiting from Rismark’s PhD level statisticians.
The acquisition will assist RP Data’s goal of sharpening the company from an analytical standpoint.
“It provides us with the opportunity to consolidate our analytic capabilities and solutions and complements the recent appointment of Dr Stewart Wright as the head of RP Data’s analytics team,” says Mirabito.
“RP Data will continue to publish a summary of the hedonic indices on the first working day of each month and will, over time, continue to overlay additional cutting-edge methodologies across our data, leveraging both our expanding analytic capabilities domestically and internationally.”
RP Data and Rismark International have been in partnership since 2006.
Other notable developments incorporating both companies have included the release of Australia’s first hedonic regression index relating to housing markets in 2007, the RP Data Rismark Home Value Index, and the world’s first daily property index in 2012.
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