BETHESDA, MD -- CoStar Group, Inc. (Nasdaq: CSGP), the leading provider of information services to the U.S. commercial real estate industry, today announced that it has joined with First Image Technologies, maker of Metropolis software system, a single interface that combines commercial real estate data from multiple information providers into a comprehensive resource.
First Image Technologies is based in Southern California and licenses its Metropolis software system to commercial real estate professionals. The software uniquely allows a user to input a property address and then view detailed information on that property from multiple information providers. This technology offers commercial real estate professionals a simple and convenient solution for integrating a wealth of third-party information and proprietary data. Top commercial real estate brokerage firms in Southern California currently subscribe to Metropolis.
"Metropolis has the highest customer satisfaction we have seen of any technology currently used by commercial real estate professionals. The ability to combine data streams from multiple providers is an invaluable and timesaving service for subscribers," said Andrew C. Florance, President and CEO of CoStar Group, Inc. "Our customers told us they wanted to access our entire product suite through Metropolis, and we now plan to offer all of our products through the system. We believe offering our products along side other high quality data providers will preserve an open platform and provide the industry with the most robust information available on commercial real estate."
In addition to data from other information providers, CoStar plans to make all of its products, including CoStar COMPS®, CoStar Property™, CoStar Exchange™, CoStar Tenant™, and Inside Prospects, available through Metropolis.
"CoStar was impressed by the strong acceptance of our product within the Southern California commercial real estate market. Our relational application and open platform system was particularly attractive to CoStar since it seamlessly combines data from several providers while giving customers full control and flexibility to select which products they receive," stated Joe Klug, Founder and President of First Image Technologies. "This agreement validates our business model and gives us the ability to market Metropolis to more and more customers."
Under the terms of the agreement, CoStar acquired First Image Technologies and First Image Technologies will operate as an independent business unit. Joe Klug, President of First Image Technologies, will continue to oversee day-to-day operations for the Metropolis product, manage relationships with data providers, integrate data from other providers and consult on future application development.
About CoStar Group, Inc.
Headquartered in Bethesda, MD, CoStar Group, Inc. 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 U.S. commercial real estate information in over 50 markets. The Company has over 1,000 employees and contractors nationally, including over 700 highly trained commercial real estate research professionals in 27 offices.