In early trade the Updater Inc (ASX: UPD) share price has been amongst the biggest movers on the market.
At the time of writing its shares are up 9% to $1.09, bringing its year-to-date return to an enormous 142%.
Why have its shares jumped?
Firstly, for those that are not familiar with the company, Updater is a technology company that aims to build powerful tools to help people move houses in the United States.
This morning the company released data relating to its market penetration in the U.S. market.
According to the release, Updater's estimated market penetration of quarterly moves processed for the second quarter of 2017 surpassed 11% of all household moves in the United States.
Not only is this an all-time high of 535,782 moves, but it is an impressive 29% increase on the first quarter of 2017.
As you can see below, the company has come a long way in the last two years, going some way to explaining the significant jump in its share price this year.
Should you invest?
I've been very impressed with Updater's progress and believe it would have to be up there with the likes of GetSwift Ltd (ASX: GSW) and Big Un Ltd (ASX: BIG) as one of the best under-the-radar tech shares on the Australian share market.
Especially considering the recent success of its pilot program to prove the value of its software platform for full-service moving companies.
Management believes its success proves that the company is in a strong position to reinvent the process of booking and scheduling a full-service moving company.
Which is certainly a great position to be in, as an estimated US$9 billion is spent each year on local and interstate moving services in the United States.
In light of this, I feel Updater could be well worth considering as a buy and hold investment today.
