BETHESDA, MD -- CoStar Group Inc. (Nasdaq: CSGP) has been named for the third 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 1,249% between 1996 and 2000, the five-year period on which the rankings are based. Revenues currently are in excess of $70 million annually.
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, CoStar has expanded its product mix and geographic platform to cover more than 50 major U.S. markets. CoStar Group is the only company that conducts proactive research and provides comprehensive building-specific leasing, sales and tenant information nationally on a subscription basis. 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 for the third consecutive year because the rankings are based on sustained revenue growth. Our strong, consistent revenue growth confirms that commercial real estate professionals across the country have embraced our service."
CoStar Group achieved positive EBITDA (earnings before interest, taxes, depreciation and amortization) in the third quarter of 2001, and is on track to reach its stated goal of achieving pro forma profitability before the end of 2001. "We are looking forward to the ultimate confirmation of our business model," Florance stated. "We are fast approaching profitability, and have the management, infrastructure and financial resources to continue the expansion of our platform."
"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 1,249 percent 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 ranked 14th on the Maryland Fast 50, a ranking of the 50 fastest-growing technology firms in Maryland. CoStar has been named to the Maryland Fast 50 four 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 1996 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 over 50 U.S. markets. The company has approximately 900 employees and contractors nationally, including approximately 650 highly trained commercial real estate research professionals in 27 offices.
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 our clients and our 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 four consecutive years. 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.us.deloitte.com.