BETHESDA, Md. , Oct. 10, 2008 -- CoStar Group, Inc. (Nasdaq: CSGP ), the number one provider of information/marketing services to the commercial real estate industry, today announced it has been recognized as one of the fastest growing technology companies by Deloitte's Technology Fast 50 for Maryland. With its selection, CoStar becomes one of only two Maryland-based companies to be ranked among the 50 fastest growing technology, media, telecommunications, and life sciences companies for 10 consecutive years.
Compiled by Deloitte & Touche USA LLP, one of the nation's leading professional services organizations, the rankings are based on the company's percentage of revenue growth achieved over a five-year period. This year's rankings are based on the percentage of revenue growth from 2003-2007.
"To rank on Deloitte's Technology Fast 50, companies must have phenomenal revenue growth over five years," noted Gary Tabach, Greater Washington Office Regional Managing Partner, Deloitte & Touche, LLP. "CoStar Group has proven to be one of the fast-growth success stories among Maryland-based companies, and we applaud their dedication to making their vision a reality."
"We're honored that CoStar Group is once again ranked among the fastest growing firms in the state by Deloitte's Maryland Technology Fast 50," said CoStar Group President and CEO Andrew C. Florance. "We're especially proud to earn this distinction for a tenth consecutive year because it recognizes the strong, sustained revenue growth we've worked hard to achieve."
CoStar Group's revenue grew by 103% between 2003 and 2007. The company, which reported revenue of $192.8 million in 2007, pioneered the concept of commercial real estate firms outsourcing their property research functions to a third-party information provider, fundamentally changing the way commercial real estate professionals access, use and share commercial real estate information.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2003 and $5,000,000 in 2007, be headquartered in Maryland, and be a company that either owns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues, or devotes a significant proportion of revenues to the research and development of technology. For more information on Deloitte's Technology Fast 50 or Technology Fast 500 programs, visit www.fast500.com.
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Deloitte & Touche USA LLP is the U.S. member firm of Deloitte Touche Tohmatsu. In the U.S., services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq: CSGP ) is the number one provider of information/marketing services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, CoStar has approximately 1,300 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit www.CoStar.com.