RP Data has announced the acquisition of a property portfolio relating to automated valuation models (AVMs) and indices from its strategic partner, Rismark International.
In a move to offer greater insight into property markets locally and internationally, RP Data has also attained a series of domestic and international patents, patent applications and associated methodologies from Rismark’s assets.
RP Data chief executive Graham Mirabito said RP Data has had a successful strategic alliance with Rismark International for the past eight years as its primary local analytics partner.
“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,” he said.
“In 2006, Rismark recognised the value in partnering with Australia's leading property data company while RP Data saw great value in the analytical capabilities of Rismark's PhD level statisticians.”
Rismark International director Matthew Beach said, “After a long and successful relationship with RP Data, we are pleased that the intellectual property portfolio will be leveraged and enhanced by RP Data.”
Mr Mirabito said the acquisition of Rismark’s intellectual property portfolio provides RP Data with the opportunity to consolidate their analytics capabilities and solutions.
“[It also] complements the recent appointment of Dr Stewart Wright as the head of RP Data’s analytics team,” he said.
“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 expanded analytic capabilities domestically and internationally.”