The Updater Inc (ASX: UPD) share price has stormed higher in morning trade and is up 6% to $1.05 at the time of writing.
This means its shares are now up over 120% this year.
Why have its shares jumped?
For those that are unaware, Updater is a US-based tech company which aims to make the moving process easier for the estimated 17 million households that relocate each year in the United States.
The software allows its users to seamlessly transfer utilities, update accounts and records, and forward mail.
As well as helping with the moving process, the software also allows personalised communication between those relocating and businesses which spend billions of dollars each year trying to reach them.
Recently I wrote about how Updater had surpassed 11% of all household moves in the United States during the second-quarter.
Impressively the company has built on this in the third-quarter and advised this morning that in July the estimated market penetration of monthly moves processed reached 15.7% of all U.S. household moves.
According to the release, Updater processed 234,503 unique household moves in a single month, which is an all-time company high.
Should you invest?
Although its shares have rallied strongly this year and posted a gain in excess of 120%, I think the company has enormous potential which makes it a great buy and hold investment idea.
As the industry leader, I believe Updater is on its way to achieving its goal as being the industry standard across all phases of consumer relocation.
Furthermore, whilst at this stage the company is focused purely on the U.S. market, I see no reason why the technology couldn't be used globally. This could provide the company with a significant runway for growth for the next decade.
All in all, Updater would have to be my favourite real estate industry investment option ahead of even the likes of REA Group Limited (ASX: REA) and Domain owner Fairfax Media Limited (ASX: FXJ).
