WASHINGTON, Nov. 4, 2014 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, today announced it was named one of the 50 fastest-growing companies in the Washington region for 2014 by the Washington Business Journal.
The annual ranking recognizes the fastest growing public and private companies in the Washington, D.C. metropolitan area based on consecutive three-year revenue-growth percentages. CoStar Group achieved a reported growth rate of 32.5% from 2011 through 2013 based on the award's criteria for the three-year period on which the rankings are based. The company reported total revenue of $440.9 million in 2013 and continues to experience rapid growth, with a $612 million annualized run rate for revenue in the third quarter of 2014.
"We are honored to be recognized by the Washington Business Journal as one of the fastest-growing companies in the Washington region," said CoStar Group Founder and CEO Andrew C. Florance. "This recognition reflects the dedication and hard work by everyone at CoStar to deliver information, tools and online marketplaces that are critical to our customers' success."
The Washington Business Journal's 50 Fastest Growing Companies award reflects the growth in CoStar Group's business over the past three years, a period of unprecedented expansion for the Company. Beginning with the acquisition of LoopNet in 2012, and accelerating with the more recent acquisition of Apartments.com, CoStar Group has emerged as a leading operator of online marketplaces for commercial real estate, apartment rentals, businesses for sale and rural land.
Throughout this three-year period, CoStar has continued to bring more innovation and advanced technology to customers of its core subscription information services. Major product releases and enhancements during this period include sophisticated property analysis tools for owners, investors and lenders; a major expansion in the multifamily property sector; and powerful lease analysis software for analyzing and comparing lease options.
The Company also began offering CoStar's comprehensive information services in Toronto and plans to expand into additional Canadian markets in 2015.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 9.0 million registered members. Apartments.com is a premier online apartment resource for renters that matches apartment seekers with great apartment homes and provides property managers and owners a proven platform for marketing their properties. CoStar operates websites with over 17.5 million unique monthly visitors in aggregate during third quarter of 2014. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S., Canada and Europe with a staff of over 2,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar's financial expectations, the company's plans, objectives, expectations and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. Factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar's Annual Report on Form 10-K for the year ended December 31, 2013, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, and the company's other filings with the SEC available at the SEC's website (www.sec.gov). CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.