BETHESDA, MD -- CoStar Group, Inc. (NASDAQ: CSGP) today announced that its U.K. subsidiary, Property Intelligence Limited, has acquired Scottish Property Network (SPN), the principal provider of online commercial property information in Scotland, for approximately $1.3 million in cash.
Based in Paisley, Renfrewshire, SPN was a joint venture between the University of Paisley and Scottish Enterprise, Scotland's main economic development agency. It provides subscription-based commercial property information in the form of availability data and comparables to companies in both the private and public sectors in Scotland. SPN has approximately $700,000 in annual revenues. The acquisition is not expected to significantly affect CoStar's 2004 earnings.
"Scotland is a major commercial region in the U.K., and SPN has very high quality information and strong roots in the Scottish property markets," stated CoStar Group President & CEO Andrew C. Florance. "This acquisition fills an important missing piece of our U.K. coverage and greatly enhances our competitive position in the U.K.'s main property centers."
"Our strategy in the U.K. is the same as our strategy in the U.S.," Florance continued. "We believe there is a local market for information and a national market for information. When a bank in the U.K. needs to understand a property in London, Edinburgh or Glasgow, we want to be the universal source of quality national information for all of the U.K."
"The combination of CoStar's and FOCUS' pre-eminence in the U.S. and U.K. for quality information and technology, allied to our detailed local knowledge of the market in Scotland, creates benefit for everyone," added SPN Chief Executive David Martin, who is staying on as Managing Director of Scottish Property Network Limited. "We are proud to see our service evolve through this agreement."
About CoStar Group, Inc.
CoStar Group, Inc., (NASDAQ: CSGP) is the leading provider of information services to commercial real estate professionals in the United States and the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information on over 50 U.S. markets, London and the United Kingdom. Based in Bethesda, MD, the company has approximately 900 employees in 37 offices throughout the United States and the United Kingdom, including the largest professional research organization in the industry.