WASHINGTON--(BUSINESS WIRE)--CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, announced today that the Federal Trade Commission (FTC) has cleared its acquisition of Homesnap, Inc., an industry-leading provider of technology solutions to the real estate industry. CoStar and Homesnap submitted the proposed merger for FTC review in late November 2020.
“Adding Homesnap to CoStar Group’s network provides significant complementary value to our existing arsenal of broker and agent-centric tools, directly benefiting the entire industry,” said CoStar Group founder and CEO Andy Florance. “We share a common goal of strengthening connections that drive the real estate industry forward and are excited that regulatory review was completed so rapidly, allowing us to close this transaction quickly.”
Homesnap powers the nation’s most productive agents who regularly rely on having its accurate, real-time MLS information and enhanced productivity features at their fingertips. Supported by a consortium of hundreds of the country’s largest multiple listing services (MLSs), more than 1.1 million real estate agents have access to Homesnap’s free professional product, Homesnap Pro, representing over 90% of the residential real estate agents and listings in the United States. Homesnap’s public residential real estate portal showcases 1.3 million active property listings and tens of millions of home shoppers use the Homesnap website and app to look for a home.
“We are proud to join CoStar Group and leverage their more than 30 years of knowledge and experience in property data, software and marketing to take advantage of this significant growth opportunity,” said John Mazur, CEO of Homesnap. “We remain committed to our industry-friendly practices and to continuing to deliver the most advanced products while increasing our growth potential and accelerating our success.”
Homesnap is headquartered in Bethesda, MD, employing approximately 150 people. It is projected to achieve approximately $40 million of revenue for the full year 2020, representing revenue growth of approximately 45% compared to the full year 2019. The transaction is expected to close in the coming days in accordance with the parties’ agreement.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online 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. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 7 million monthly unique visitors. Realla is the UK’s most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group’s websites attracted an average of approximately 69 million unique monthly visitors in aggregate in the third quarter of 2020. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,300 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.
About Homesnap
Based in Bethesda, MD, Homesnap was founded in 2012 to provide residential real estate agents and consumers with an intuitive technology that facilitates buying and selling homes. Homesnap’s flagship professional product, Homesnap Pro, is a free software application for real estate agents to view and manage property listings, communicate with clients, receive market alerts and schedule showings on their mobile devices. Homesnap collects data from over 500 data sources and has subscription service agreements with approximately 240 MLSs who provide data and subscription revenue to Homesnap in exchange for free agent access to Homesnap Pro. Homesnap also provides marketing products through its mobile application that agents can use to promote their listings, as well as a premium product called Homesnap Pro+, which provides agents with enhanced functionality and business intelligence through individual subscription agreements. The Homesnap platform contains approximately 1.3 million active property listings, including residential, commercial, land and other property types, covering approximately 90% of active listings. The company also aggregates information on property taxes, mortgages, individual property parcels, neighborhood schools and other property data elements.
