Introduction of new vertical: Updater Inc (ASX: UPD), to help home movers organize and complete their logistical issues and relocation-related tasks, is developing few key technologies. Under this initiative the group is introducing ‘The Local Services’ vertical as its fifth vertical for selling Business Products. With products and services provided by thousands of local US Businesses targeting Movers each year, the Local Services vertical relates to Business Products that match Updater Users. During Q4 CY18, the Company plans to launch Paid Programs in the Local Services vertical, with a new 2018 goal, to be operational by Year-End 2018, for the Local Services vertical of 500+ Paid Programs for unique store locations. Updater Inc. is an information technology stock which is currently trading at a market price of $1.210 and has seen a daily price change of -$0.045 or a percentage change of -3.586% as at July 25, 2018. The company has seen a performance change of positive 26.77% over the past 12 months. For CY18, the group expects total revenue of $19 million to $23 million.

While keeping a check on costs which should not increase drastically in line with revenue as it scales, the Company is investing upfront to build the Updater platform.The Company aims to develop a highly scalable platform, where most of Business partners especially local service providers do not need to interact with a human for account management and sales. Further, the company will continue to grow revenue because of higher utility of its Business Products rather than expansion of sales team. Its new local services is believed to be a gateway for API integrations with Businesses across numerous other verticals. Coming Friday i.e. July 27, 2018 the company, with CEO David Greenberg will hold a webinar which will address the local services vertical and the Q2 quarterly activities report will be discussed which is due to be released on July 27, 2018 pre-market.

The market opportunity for the group now seems to be high given that US $30 billion - $40 billion is being spent by the local businesses in marketing annually to engage US households (which excludes the marketing spend by national retailers). The company is targeting new residents in a given neighborhood early in the move lifecycle, and local businesses generally view targeting movers as a key strategic priority. Various relocation expenses are among the most significant stresses of moving which is something given as a feedback to Updater from its users. Special and unique discounts are offered to Movers if brand loyalties have not yet been established with stores near the new home, by the businesses that seek to communicate with Movers. Since Updater can verify that its users are new residents in a given neighborhood, it has identified that Businesses will leverage Updater’s platform to run particularly deep discounts and promotions. By introducing uniquely valuable promotions and deep discounts, Updater’s platform will deliver enhanced value.

Despite the news, UPD plunged 3.6% on July 25, 2018 and is a watch given the volatile environment.

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