ATLANTA, July 9, 2012 (GLOBE NEWSWIRE) -- Virtual Premise, a leading provider of cloud-based real estate information management solutions, announced the unveiling of several new product enhancements during its annual customer conference. Virtual Premise is a subsidiary of CoStar Group, Inc. (Nasdaq:CSGP).
More than 100 Virtual Premise customers from across the U.S. and Europe were treated to an advanced look at the latest enhancements to Virtual Premise's real estate information management software during VP|Connect 2012, which was held in Atlanta, Georgia. The new features generated an overwhelmingly positive response from conference attendees, reflecting the success of Virtual Premise's consistent focus on incorporating customer feedback into its product development process.
The improvements respond to some of the biggest trends in real estate information technology – mobile, enhanced reporting and sophisticated mapping – and include functionality that will help Virtual Premise customers prepare for anticipated changes to the Financial Accounting Standards Board (FASB) lease accounting standard.
Mobility
Customers will now have the ability to view and analyze portfolio metrics and dashboards in a format compatible with virtually any smart phone or tablet.
Enhanced Dashboards and Reporting
A new dashboard and reporting engine allows for extensive, user-defined portfolio analysis, KPI tracking and executive reporting.
CoStar Data Integration
Customers will have the ability to display select CoStar building data, analyses and images related to their U.S. locations in Virtual Premise.
FASB Updates
This functionality will enable Virtual Premise customers to capture and use data they will need to prepare for the anticipated new lease accounting standard.
Mapping Upgrades
Upgrades to Virtual Premise's mapping feature gives customers access to enhanced map-based property analytics and visualization tools, which are layered onto existing VP mapping capabilities.
"A long-time customer recently told us that one of our most important attributes is our ability to continuously provide software that supports their ever-changing business strategies and needs," said Andy Thomas, President of Virtual Premise. "We clearly demonstrated that ability during our recent customer conference by unveiling so many new features that are a direct result of customer requests and feedback. The excitement and buzz generated during the 2012 conference were at a level we've never witnessed before. There is no greater indicator than our customers' enthusiasm that we're right on target in providing the real estate information management software they need to work more efficiently, reduce costs and make timely and profitable decisions."
In addition to learning about new product enhancements, customers benefited from a revitalized customer conference agenda that included hands-on computer training labs, a VP Expo environment with specialized topic stations, extended networking breaks and greater insight into CoStar's real estate information offerings.
The company traditionally supports the Atlanta community for its conference gala event which was held this year at the world-renowned Georgia Aquarium.
About Virtual Premise
Virtual Premise, Inc. is a leading provider of cloud-based real estate information management solutions for corporations, retailers, restaurants, landlords and commercial real estate service providers. With Virtual Premise, companies have a smart, easy way to collect, manage and report on complex real estate information from anywhere, at any time. Virtual Premise technology solutions include strategy and analytics, portfolio management, lease management, lease administration, project management, transaction management, and document management. Virtual Premise also offers a wide range of supporting services to include lease abstracting, document management services, data validation, due diligence support, and best practices consulting. Virtual Premise is wholly owned by CoStar Group, Inc. (Nasdaq:CSGP). For more information, call 404-267-1781 or visit www.virtualpremise.com.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information and analytics services, and marketing. 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 5.8 million registered members and 3.6 million unique monthly visitors. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe including the industry's largest professional research organization. For more information, visit www.costar.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 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 and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risk that the trends stated or implied by this release cannot be sustained; the risk that the Virtual Premise product enhancements will not result in more efficiency, reduced costs and timely and profitable decisions; and the risk that Virtual Premise will be unable to keep up with or meet customer demand for additional product enhancements. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar Group's Annual Report on Form 10-K for the year ended December 31, 2011, and CoStar Group's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, each filed with the SEC, including in the "Risk Factors" section of each of these filings, and CoStar Group's other filings with the SEC available at the SEC's website (www.sec.gov). Neither CoStar Group nor Virtual Premise undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.