BETHESDA, MD -- CoStar Group Inc. (NASDAQ: CSGP) has been named for the fifth consecutive year to the Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest-growing technology companies in North America. CoStar's revenue grew by 471% between 1998 and 2002, the five-year period on which the rankings are based. The Company's revenue increased from $13.9 million in 1998 to $79.4 million in 2002.
CoStar Group is the leading provider of information services to commercial real estate professionals in the United States and the United Kingdom. The Company has approximately 850 employees in 35 offices throughout the U.S. and U.K., and offers a comprehensive suite of information services delivered via the Internet.
"We're proud to once again earn a place in the Deloitte & Touche Technology Fast 500," commented CoStar Group President & CEO Andrew C. Florance. "Qualifying for this distinction five years in a row makes us part of a very select group, and directly reflects our employees' commitment to provide our customers with high quality products and outstanding service."
"This prominent recognition is another highlight in what has truly been a year of significant accomplishments," Florance added. In 2003, CoStar Group completed the transition of its core subscription products from a desktop application to a fully Web-based platform, expanded internationally with the acquisition of FOCUS in the U.K., and launched Property Express™, a new service that allows users to search properties for lease and for sale without a subscription.
"Making the Deloitte & Touche Fast 500 is a testament to a company's leadership, commitment to technology and ability to deliver the right service at the right time," said Mark A. Evans, managing director of Deloitte & Touche's Technology & Communications Group. "With its 471% five-year growth rate, CoStar Group has proven that its leadership has the right vision and determination to succeed, and we at Deloitte & Touche salute their accomplishments."
In addition to ranking on the Deloitte & Touche Fast 500, CoStar is ranked on the Maryland Technology Fast 50, a ranking of the 50 fastest-growing technology firms in Maryland. CoStar has been named to the Maryland Fast 50 six years in a row.
The Fast 500 list is compiled from three sources: winners of Deloitte & Touche's 22 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 1998 revenues of at least $50,000 USD for the United States. Entrants are public or private companies headquartered in North America and must be a "technology company," defined as a company that develops proprietary technology which contributes to a significant portion of the company's operation revenues, manufactures a technology-related product, or devotes a high percentage of effort to research and development of technology.
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 50 U.S. markets, London and the United Kingdom. Based in Bethesda, MD, the company has approximately 850 employees in 35 offices throughout the United States and the United Kingdom, including the largest professional research organization in the industry.
About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for its innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work for in America" by Fortune magazine for five consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and its related entities. Deloitte & Touche is the U.S. national practice of Deloitte Touche Tohmatsu. Deloitte Touch Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's Web site at http://www.deloitte.com.