Updater Inc. is a US based technology company that has produced a software platform to improve the relocation process. Movers can use the UPD platform to streamline the administrative side of relocating and talk to a multitude of service providers through the one portal. Conversely, UPD’s platform also allows businesses to talk to movers at the most opportune time, when they will be making spending decisions that are otherwise ‘sticky’; when existing brand loyalties become vulnerable and movers are in a hyper-spending phase as they make decisions about new service providers. Recently released pilot results for the insurance vertical have demonstrated the company is taking first steps to validating its Business Product line, and have shown with 95% confidence that movers who were exposed to communications via the UPD platform purchased insurance products at a rate almost double (93% higher) than the control group.  We have a buy recommendation and price target range of $1.70 to $3.14 based on the insurance vertical only, noting that UPD see further many more vertical opportunities in the market.