RP Data has acquired an intellectual property portfolio relating to Automated Valuation Models (AVMs) and Indices from its strategic partner Rismark International.
Included in the acquisition of the Rismark assets are a series of domestic and international patents, patent 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,” RP Data chief executive Graham Mirabito said.
“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,” Mr Mirabito 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,” he said.
The collaboration saw the two companies release Australia's first hedonic regression index relating to housing markets in 2007 – the RP Data Rismark Home Value Index.
“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,” Rismark International director Matthew Beach said.
In 2012 RP Data and Rismark, working with the ASX, produced one of the world’s first daily property index based on an improved hedonic methodology.