BETHESDA, Md., June 8, 2009 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the number one provider of information/marketing services to the commercial real estate industry, today announced that Frank A. Carchedi has been named to the newly created position of Senior Vice President, Corporate Development, reporting directly to CoStar Group President and CEO Andrew C. Florance.
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Carchedi, who served as CoStar's Chief Financial Officer from 1997 to 2007, will work with the company's management team to identify, complete and integrate acquisitions that support the company's growth strategy. During his tenure as CoStar's CFO, Carchedi provided leadership relating to the acquisition and integration of 13 companies.
Carchedi brings 30 years of diverse business experience to the company. In addition to serving as CFO for CoStar and other technology companies, Carchedi was with Ernst & Young, LLP for 10 years, serving as a senior manager in the New York Mergers and Acquisitions Group and in the firm's Washington D.C. Entrepreneurial Services Group.
"We are pleased to bring Frank back into the business in this role," said Florance. "He will add additional depth to the management team, and his strong background in professional services, acquisitions and finance, as well as his knowledge of CoStar and the commercial real estate industry will better position us to respond to the significant acquisition opportunities we are currently seeing in the marketplace."
"CoStar is the market leader in its space and is well-positioned to capitalize on the current environment by making strategic investments that will further extend CoStar's leadership position," added Carchedi. "I look forward to working with Andy and the management team to address opportunities we see and to continue to execute the company's growth strategy."
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information/marketing services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, CoStar has approximately 1,300 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit http://www.CoStar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2008 and CoStar's Form 10-Q for the quarter ended March 31, 2009, under the heading "Risk Factors." In addition to these statements, there can be no assurance that Mr. Carchedi's background and experience will better position the company to respond to the significant acquisition opportunities it is currently seeing in the marketplace; that the company is well-positioned to capitalize on the current environment; that the company will be able to successfully make strategic investments and that such investments will further extend CoStar's leadership position; and that the company will be able to continue to successfully address opportunities it sees and execute the company's growth strategy. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
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