CoStar Group, the owner of Loopnet and the leading provider of commercial real estate information, analytics and online marketplaces, has been named to Forbes’ World's Most Innovative Growth Companies list for 2014. CoStar placed 27th in the distinguished ranking of the top 100 companies worldwide and in the top 10 among companies in the IT Software and Services category.
Forbes produces the list annually using a proprietary formula in collaboration with Credit Suisse to measure what it calls an "innovation premium." According to the authors of the list, the innovation premium is the bonus given by equity investors to companies they expect will continue to generate profitable new growth driven by future innovation through investments in new products, services and markets. To qualify for consideration, companies must have seven years of public financial data and a market capitalization under $10 billion.
“We are pleased to be recognized by Forbes as one of the most innovative growth companies in the world,” said Andrew C. Florance, CoStar Group’s Founder and CEO. “Cohesive innovation has been a hallmark of CoStar’s success, and we remain focused on delivering information and tools that are critical to our customers’ success.”
“Most innovation rankings are popularity contests based on past performance or editorial whims,” the Forbes authors wrote. “We set out to create something very different with the World’s Most Innovative Companies list, using the wisdom of the crowd. Our method relies on investors’ ability to identify firms they expect to be innovative now and in the future.”
Founded in 1987, CoStar has a long track record of bringing innovation to the commercial real estate industry. CoStar was one of the first companies to combine the operational efficiencies of a computer-based information system with rigorous, independent research to produce more complete, standardized and higher quality commercial property information. In 2011, CoStar transformed the way commercial real estate professionals accessed information when away from their office with CoStar Go, a revolutionary mobile app for the iPad. In 2013, CoStar released advanced analytic tools in CoStar Suite and CoStar Go, expanded its footprint in the multifamily sector and released powerful lease analysis and comparison tools.
With the acquisition of LoopNet in 2012 and Apartments.com in 2014, CoStar Group has become a leading operator of online marketplaces for commercial real estate, apartment rentals, businesses for sales and rural land. Earlier this year, CoStar raised $529 million in net proceeds in an equity offering to, among other things, invest in the continued growth of the Company and to fund potential strategic acquisitions it determines to pursue.
Join the CoStar and LoopNet team at the Property Portal Watch Conference. From the 1st to 3rd October C-Level managers from around the world will get together in Barcelona to look at the major issues impacting their businesses. We already have over 240 people registered for the conference from 40 different countries and representing over 140 different companies. If you are involved in the property portal industry then you should not miss this event.