Shares in Updater Inc [ASX:UPD] are up 10.61% today, as they have reached a key goal.
What did Updater do?
Updater has surpassed 15% market penetration, five months ahead of schedule. A major objective which was set last May, when it was below 5%. An amazing result for the company in such a short amount of time.
Updater, who assist US citizens transfer utilities, accounts, mail and more, is extremely pleased with the result. CEO, David Greenberg, comments,
‘Surpassing 15% of all moves in the US is a major accomplishment for Updater and great testament to the hard work of our team,
‘Updater is the pioneering relocation technology, or ‘relo-tech’, company in the US, and our platform has emerged as the industry leader.’
What next for Updater?
The milestone now means that Updater has reached the scale that will allow them to move forward with their plans.
Updater are now looking at developing products that will help them reinvent the mover experience. Their goal is to cement their position as the industry leader. Now that they’ve reached the top, it’s all about staying there.
The company believes it is well positioned and seeks to become more ‘mission critical’ for businesses and movers. Which may or may not come to fruition, but, at the very least they have shown the company can work hard to reach results.
Junior Analyst, Money Morning
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