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Miller Samuel Inc. to Be Acquired by Radar Logic
| Source: Radar Logic Inc.
NEW YORK, NY--(Marketwire - September 27, 2007) - Radar Logic Incorporated, the data and
analytics company enabling derivatives trading in the RPX™ market based
on daily prices for residential real estate, announced today that it has
reached an agreement to acquire leading residential real estate appraisal
firm Miller Samuel Inc. The acquisition will strengthen both companies'
insight into the residential real estate market while opening new lines of
business, including monthly commentary and analysis of the Metropolitan
Statistical Areas (MSAs), for which Radar Logic publishes data. The first
of these reports is scheduled for release in early October.
In April 2007 the companies formed Radar Logic Research LLC to publish real
estate research and offer enterprise-specific consulting services. The
acquisition will further this goal, combining Miller Samuel's 21 years of
unbiased real estate valuation expertise with the proprietary technology
and analytics of Radar Logic.
Jonathan Miller, co-founder and current President/CEO of Miller Samuel,
will become an Executive Vice President of Radar Logic Incorporated. He
will serve as the Director of Reasearch for Radar Logic as well as continue
to be actively involved in the ongoing business of Miller Samuel, including
the publication of its widely read market reports (1.2 million copies
distributed annually). Dina Miller, a co-founder of Miller Samuel, will
become CEO of Miller Samuel and oversee its continuing operations.
"We are excited about the unique opportunity to leverage our valuation and
market reporting expertise with the groundbreaking data analytics pioneered
by Radar Logic," said Miller. "It's a perfect fit."
According to Michael Feder, President and CEO of Radar Logic Incorporated,
"This acquisition brings Radar Logic true in-depth, practical experience in
real estate markets and valuation. The executives and staff of Miller
Samuel will form the core of Radar Logic Research and advisory services.
We are delighted with this key step forward in our broad business plan."
Terms of the transaction were not disclosed.
About Radar Logic Incorporated (www.radarlogic.com)
Radar Logic, the home of tradable real estate(SM), is a technology-driven
data and analytics business that produces a daily "spot" price for
residential real estate in U.S. metropolitan areas. To do this, actual
transaction data are captured from public sources and translated into the
Radar Logic Daily™ Prices. The Daily Prices, in turn, power the
Residential Property Index™ (RPX™) market, where derivatives and
other financial instruments are offered and traded. RPX allows real estate
and financial professionals to manage risk, invest in real estate without
owning physical assets, and obtain more accurate insight into the
residential property market.
For more information on Radar Logic and the RPX, including licensed
dealers, visit www.radarlogic.com.
About Miller Samuel Inc. (www.millersamuel.com)
Miller Samuel Inc. is a leading residential real estate appraisal and
consulting firm based in New York City, co-founded and led by Jonathan J.
Miller, CRP since 1986. Miller Samuel appraised in excess of $5 billion
worth of residential property in the past year. The firm has a record of
innovations in the valuation process within one of the most challenging
property markets in the United States.