WASHINGTON, April 29, 2015 -- CoStar Group, Inc. (Nasdaq:CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, today announced that it plans to acquire Apartment Finder pursuant to a definitive agreement and plan of merger with Network Communications, Inc. for $170.0 million in cash which is subject to customary post-closing purchase price adjustments. This amounts to approximately seven times Apartment Finder's EBITDA for the fiscal year ended March 2015. The Company expects the acquisition to close within 90 days, subject to customary closing conditions, and expects the acquisition to be accretive in 2016 and to achieve run-rate synergies of $20 million within 18 months after the acquisition closes.
Both executives bring decades of relevant experience with excellent companies to CoStar
Earnings Release to be Issued After Market Close on Wednesday, July 29; Conference Call to Discuss Second Quarter 2015 Financial Results Scheduled for 11:00 AM EDT on Thursday, July 30
"Our strategic investments in the Apartments.com re-launch, our national advertising campaign and the National Apartment Association exposition in June have clearly paid off by fueling a dramatic acceleration of sales in the second quarter 2015," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "This quarter yielded our best sales result ever and June was our best sales month ever."
Earnings Release to be Issued After Market Close on Wednesday, October 28; Conference Call to Discuss Third Quarter 2015 Financial Results Scheduled for 11:00 AM EDT on Thursday, October 29
Apartments.com Ranked Number One in Traffic for the Sixth Month in a Row
President of Apartment Finder Recognized for Advancing Experience for Customers, Renters
Earnings Release to be Issued After Market Close on Wednesday, February 24; Conference Call to Discuss Fourth Quarter 2015 Financial Results Scheduled for 11:00 AM ET on Thursday, February 25
Andrew Florance, Founder and CEO of CoStar Group, Inc., was honored last night by Leadership Enterprise for a Diverse America (LEDA) at the organization’s annual reception for his entrepreneurial leadership and commitment to education.
Revenue for the year ended December 31, 2015 was $712 million, an increase of 24% over revenue of $576 million for the full year of 2014. Revenue for the fourth quarter also grew 24% year- over-year to $193 million. Net income for the fourth quarter of 2015 grew 65% year-over-year to $23 million or $0.71 per diluted share.