BETHESDA, MD -- CoStar Group, Inc. (NASDAQ: CSGP) has been named for the fourth 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 918% between 1997 and 2001, the five-year period on which the rankings are based. The Company reported revenue of $72.5 million in 2001.
CoStar Group is the leading provider of information services to the U.S. commercial real estate industry. Founded in 1987, the company pioneered the concept of commercial real estate firms outsourcing their research functions to a third-party information source. Since its IPO in July 1998 and a follow-on offering in May 1999, CoStar has expanded its product mix and geographic platform to cover 50 major U.S. markets. The Company has approximately 800 employees in 32 offices nationally, and provides comprehensive building-specific leasing, sales and tenant information on a subscription basis to over 40,000 commercial real estate professionals nationwide. Its client base includes most of the commercial real estate industry's leading brokerage firms and property owners.
"We're proud to once again earn a place in the Deloitte & Touche Technology Fast 500," commented CoStar Group President & CEO Andrew C. Florance. "It is especially gratifying to earn this distinction four years in a row. That is a tribute to the commitment of our employees to provide our customers with quality products and service."
"CoStar Group has continued to post strong revenue and earnings growth in a very difficult economic environment," Florance added. "We are extremely proud of that performance. Our balance sheet is strong, and we are extremely well positioned to take advantage of opportunities in our market sector."
"Making the Deloitte & Touche Fast 500 is a testament to a company's leadership, commitment to technology and ability to deliver the right solution at the right time," said Mark A. Evans, managing director of Deloitte & Touche's Technology & Communications Group. "With its 918% 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 five 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 1997 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.
Headquartered in Bethesda, MD, CoStar Group, Inc. (NASDAQ: CSGP), is the leading provider of information services to the U.S. commercial real estate industry. CoStar's suite of products offers customers access to the most comprehensive, verified database of commercial real estate information in 50 U.S. markets. The company has approximately 800 employees and contractors in 32 offices nationally, including the industry's largest professional research organization.
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 www.deloitte.com.