Roll-up working for RP Data
A late release of the RP Data profit just before the market close yesterday provided a spring to the data vendor's share to just shy of $2, still below its four-month trend.A provider of residential and commercial property data in Australia and New Zealand, RP Data reported a net profit after tax of just over $8 million, a 76 per cent increase on the 2006 financial year.Acquisitions explain the profit growth.CEO Graham Mirabito highlighted in the media release operational achievements including the acquisition of CityScope, Upmarket, HomeOpen and LocalWise.Earlier in the week Mirabito announced the acquisition of Pacific Property Technologies, a provider of electronic desktop valuations services.PPT systems connect mortgage finance companies with valuation services providers such as valuers, and new valuation technologies such as the RP Data automated valuation model.