Property data firm RP Data has purchased the intellectual property portfolio of long-time partner Rismark International.
The company has acquired a comprehensive intellectual property portfolio relating to Automated Valuation Models (AVM’s) 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 chief executive, Graham Mirabito, said RP Data had a successful strategic alliance with Rismark International for the past 8 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 the portfolio would be leveraged and enhanced by RP Data.
RP Data and Rismark embarked on a strategic partnership in 2006 with the objective of jointly developing and commercialising world-leading analytic products relating to Australian residential property utilising Australia's most timely and comprehensive set of housing data.
This 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.
In 2012, the two companies, working with the Australian Securities Exchange, commenced the production of the world’s first daily property index, based on an improved hedonic methodology.
They also released a co-branded automated valuation model into the Australian housing market which provided a 'best of breed' automated valuations solution to the Australian banking and finance sector.
Since the acquisition of RP Data by NYSE-listed CoreLogic, Inc. in 2011, the company "had been advancing the scope and breadth of our analytic capabilities," Mirabito said.
“The acquisition of this intellectual property portfolio from Rismark International provides RP Data 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," 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."