CoStar Group Closes Its Acquisition of Apartments.com
CoStar Group, Inc. (Nasdaq: CSGP) announced today that it has completed the acquisition of Apartments.com previously announced on March 3, 2014, creating the combined online information and marketplace leader in commercial real estate's $2 trillion multifamily asset class. CoStar is commercial real estate's leading provider of information, analytics and marketplaces and Apartments.com is a leading apartment rental marketplace.
"We believe that the two companies now together are uniquely capable of providing invaluable new services to both apartment seekers and apartment owners," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "The combination unites CoStar's leading apartment information content and extensive online marketplace experience with the substantial brand, sales force, and online apartment marketplace experience of Apartments.com. We believe this in turn will lead to an even stronger platform for the Company's future growth and to increased shareholder value."
CoStar believes that the Apartments.com brand has significant value and plans to continue to keep and build on that brand going forward. "The Apartments.com brand is recognized by over 95% of apartment owners and used by millions of apartment searchers," stated Florance. "Our goal is to transform Apartments.com into the best consumer experience in the apartment space."
CoStar will announce financial results for the first quarter of 2014 following the market close on Wednesday, April 23, 2014. CoStar management will conduct a conference call at 11:00 AM EDT on Thursday, April 24, 2014 to discuss first quarter 2014 results, the closing of the Apartments transaction and to provide combined revenue and earnings guidance for 2014.
To participate in the conference call, please dial (800) 230-1093 (from the United States and Canada) or (612) 332-0107 (from all other countries) and refer to conference code 323568. To listen to the conference call over the Internet, please access the audio webcast link available in the Investors section of CoStar's website at www.CoStar.com/investors.aspx.
An audio recording of the conference call will be available for replay approximately one hour after the call's completion and will remain available for a period of time following the call. To access the recorded conference call, please dial (800) 475-6701 (from the U.S. and Canada) or (320) 365-3844 (from all other countries) using access code 323568. The webcast replay will also be available in the Investors section of CoStar's website for a period of time following the call.
About CoStar Group, Inc.
CoStar Group (Nasdaq: CSGP) is the leading provider of commercial real estate information, analytics and marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 8 million registered members. Including Apartments.com, CoStar operates websites that have approximately 16 million unique monthly visitors in aggregate. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of over 2,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's financial expectations, the Company's plans, objectives, expectations and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risk that the combination of the two companies will not produce the new services as and when expected, the risk that the combination of CoStar's leading apartment information content and extensive online marketplace experience with Apartments.com's substantial brand, sales force and online apartment marketplace experience does not result in an even stronger platform for the company's future growth or increased shareholder value; the risk that the company is unable to build on or realize all of the value of the Apartments.com brand; the possibility that the company's plans will change with respect to the Apartments.com brand; the risk that the company is unable to transform Apartments.com into the best consumer experience in the apartment space; the risk that synergies from the acquisition of Apartments will not be as expected, occur within the expected timeframe or drive revenue and earnings growth as expected; the risk that the combination and integration of Apartments will disrupt CoStar Group's operations or result in the loss of customers or key employees; and the risk that the businesses of Apartments and CoStar Group may not be combined successfully or in a timely and cost-efficient manner. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar Group's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC, including in the "Risk Factors" section of that filing, and the Company's other filings with the SEC available at the SEC's website (www.sec.gov). CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: ALL INQUIRIES: Richard Simonelli Director of Investor Relations (202) 346-6394 firstname.lastname@example.org Source: CoStar Group, Inc.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.