WASHINGTON, June 28, 2017 /PRNewswire/ -- CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, has been named to the Forbes World's Most Innovative Growth Companies list for 2017. This marks CoStar's fourth year on the distinguished list, and highlights the company's continued dedication to revolutionizing commercial real estate and multifamily industries by providing innovative software and solutions.
"It's a tremendous honor to be recognized, for the fourth consecutive year, as one of the World's Most Innovative Growth Companies," said CoStar Group Founder and Chief Executive Officer Andrew Florance. "We remain steadfast in our commitment to unlocking new opportunities for businesses and consumers alike with our research intelligence and marketplace solutions. The role we play at the center of the $17 trillion dollar real estate industry is profound and requires constant innovation to stay ahead and continue to bring value to our clients."
In an average month, 25 million people visit CoStar Group's family of websites to lease, buy or analyze a wide range of office, industrial, retail or farm properties – or to find their next home on Apartments.com. The CoStar research team collects, investigates, and analyzes the in-depth market data necessary to help clients make the best decisions and drive connections between millions of properties and the thousands of companies that need those properties to grow their businesses. In 2016, 83% of all commercial real estate transactions involved a CoStar subscriber, and an estimated four million people found their rental homes on Apartments.com.
Additionally this year, CoStar was named to the Forbes Fast Tech 25 list, which recognizes technology companies with the highest three-year sales averages. The 2017 list has CoStar placed at number 16, with 29% average sales growth for the past three years.
Forbes produces the World's Most Innovative Growth Companies list annually using a proprietary formula in collaboration with Credit Suisse, providing something completely unique in the world of innovation celebration by using the wisdom of the crowd. The innovation premium method relies on investors' ability to identify firms they expect to be innovative now and in the future, analyzing the difference between their market capitalization and the net present value of cash flows from existing businesses. To qualify for consideration, companies must have seven years of public financial data and a market capitalization under $10 billion.
About CoStar Group
CoStar Group, Inc. (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. LoopNet is the most heavily trafficked commercial real estate marketplace online with nearly 11 million registered members. Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, Westside Rentals and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Through an exclusive partnership with Move, a subsidiary of News Corporation, Apartments.com is the exclusive provider of apartment community listings across Move's family of websites, which include realtor.com®, doorsteps.com and move.com. CoStar Group's websites attracted an average of over 33 million unique monthly visitors in aggregate in the first quarter of 2017. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of approximately 3,200 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar Group'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, including the risk that the company is unable to deliver continued, profitable new growth or future innovation.. 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 in CoStar's Annual Report on Form 10-K for the year ended December 31, 2016, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, 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 such statements, whether as a result of new information, future events or otherwise.
SOURCE CoStar Group, Inc.