Updater (ASX: UPD) is a New York based technology company that has developed a platform to help consumers move house. The Updater assists provides customers to forward mail, update subscriptions, connect utilities and complete other moving related tasks.
Updater has spent several years building credibility and software integrations with real estate companies to capture mover information. Movers receive personalised invites from their real estate agent to use Updater which results in high engagement rates. Real estate agents see Updater as a branding boost while movers find it saves time.
Since launching the integration platform in February 2015, Updater’s market share has grown rapidly. In June 2016 it processed 90,000 moves which equates to around 4.7% of all moves in the United States. By October share had grown to above 6%. Updater has a market share goal of 15% by the end of 2017.
Moving home is one of the most significant churn events that a person goes through. When someone moves house they look for new utility providers, insurance policies, grocery stores etc. US businesses spend billions every year trying to find and communicate with people who are moving.
Updater knows when someone is moving weeks before the event. Businesses can potentially integrate with Updater and use it to communicate with movers. An example would be your current insurance company displaying a message within Updater to ask if you would like to transfer your policy to your new address. Updater signed a pilot partnership in July with Liberty Mutual (the second largest insurer in the US) to test various communication strategies with movers. Further pilot partnerships are likely.
Updater is still early stage and is yet to prove that it can monetise the model. Quest participated in the IPO at $0.20 in December 2015 and the Liberty Mutual partnership has seen the share price climb to over $0.50 with last trade at $0.47 (8/12/16).