LONDON, May 5, 2016 /PRNewswire/ -- CoStar Europe Limited announced today that they have acquired 100 percent of the equity of German commercial real estate information business, Thomas Daily. Thomas Daily has successfully developed a business that is able to add significant value to owners, investors and brokers in commercial real estate in a market which does not have full transparency. CoStar Group, the parent company of CoStar Europe Limited, has some thirty years' experience providing similar or complementary information solutions initially in the United States, and subsequently in the United Kingdom and Canada based on a sophisticated research methodology and market leading software solutions. CoStar Group has built upon its long standing, high growth business in the U.S. by investing in international expansion. The group now has a very successful business in the U.K. where every major surveying practice and a very large proportion of small and medium practices use its CoStar Suite™ solution. This follows the successful migration of users of legacy products to the company's global platform.
Andrew Florance, Founder and Chief Executive Officer of CoStar Group said, "Our continued international growth builds on the model that we have developed and followed throughout our history. We have acquired leading solutions in chosen markets and applied our sales and marketing skills coupled with our considerable technical resources to achieve high growth in these markets."
The Thomas Daily business will be managed through CoStar Group's European headquarters in London. Giles Newman, Managing Director of CoStar Europe comments, "The current leadership team at Thomas Daily working for the former managing director are highly capable. With the addition of CoStar's knowledge and expertise in creating high growth business, I am confident that we will see success in the German market, which is one of the most important commercial real estate markets in Europe."
German investors are significant investors in both the U.S. and U.K. markets. Therefore, we believe access to a platform that supports their global activity will be of significant value to them.
Thomas Daily's founder, Wendy Thomas, will be leaving to pursue a long-held desire to develop her other interests. Thomas said on completion of the agreement: "CoStar is the ideal purchaser to take the business forward. I expect they'll build out the business in Germany, as Thomas Daily is part of the company's plan to expand its data systems for global real estate. I wish them all the very best."
CoStar Europe Limited, is a UK subsidiary of CoStar Group, Inc. (Nasdaq: CSGP). CoStar Group 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. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe and Canada with a staff of approximately 2,600 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.co.uk or www.costargroup.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 based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the company is unable to produce the results expected in the German market, the risk that German investors do not view the company's platform as expected, the risk that the business disruption relating to the Thomas Daily acquisition may be greater than expected, the risk that the businesses of Thomas Daily and CoStar may not be combined successfully or in a timely and cost-efficient manner, and the possibility that the company's global plans change. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group's filings from time to time with the Securities and Exchange Commission, including in CoStar Group's Annual Report on Form 10-K for the year ended December 31, 2015, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, each of which is filed with the SEC, including in the "Risk Factors" section of that filing, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE CoStar Europe Limited