CoStar Group Closes Deal to Acquire Visual Lease, a Leading Lease Administration and Accounting Platform
The strategic acquisition will enhance the product offerings of both platforms and broaden the solutions available to their customers.
Founded in 1996, Visual Lease is a premier software platform for integrated lease management, accounting, and reporting, used by over 1,500 organizations across the business services, construction, healthcare, manufacturing, and retail sectors. Visual Lease offers support for each team involved in managing a company’s leased and owned assets through a seamless platform that encourages strategic financial and operational outcomes for organizations.
CoStar Real Estate Manager helps customers across the globe manage every phase of the lease lifecycle, providing vital lease administration, lease accounting compliance, and transaction management applications, ensuring seamless workflows between real estate and accounting teams.
This merger of two equal firms will enhance functionality for businesses of all sizes by providing industry leading lease management and accounting solutions coupled with the power of CoStar’s data and analytics. The combination will also enhance relationships with key real estate and accounting service providers and increase integration opportunities with key technology partners.
Implementation of Visual Lease’s technology will be seamless for all CoStar Real Estate Manager users. This will also provide Visual Lease’s mid-market customers with a new opportunity to grow into an enterprise solution. The platform’s GASB experience strengthens CoStar Group’s utility for government customers, while its ESG analytics product makes CoStar Group even stronger for identifying sustainability solutions across their portfolio.
“By combining CoStar Group’s industry expertise with Visual Lease’s diverse customer base, deep lease portfolio management expertise, and leading sustainability solutions, we are well positioned to offer a more comprehensive service offering and continue growing both nationally and internationally. I am excited to work with the talented team at Visual Lease to accelerate our growth, expand our offerings, and further enhance how we serve our customers,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “CoStar Group is always focused on innovation and sourcing ideas and solutions from the best in the industry. Welcoming Visual Lease to CoStar Group is a significant milestone in our journey, opening new opportunities for both our clients and employees moving forward.”
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over thirteen million average monthly unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the
About Visual Lease (VL)
Visual Lease (VL) is a premier platform for integrated lease management and lease accounting, trusted by enterprises worldwide to navigate complex portfolios with precision and ease. As the centralized system of record for all lease-related financial, operational, and legal data, VL is purpose-built to support every team involved in managing a company’s leased and owned assets. Informed by nearly three decades of experience, our platform integrates lease management, lease accounting, and sustainability reporting, enabling organizations to save time, mitigate risks, reduce costs, and support sustainability initiatives. Our award-winning software is used by 1,500+ organizations to manage more than 1 million real estate, equipment, and other leased asset records globally. For more information, visit visuallease.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241101640656/en/
Investor Relations
Rich Simonelli
CoStar Group
(973) 896-8184
getrich@costar.com
News Media
Matthew Blocher
CoStar Group
(202) 346-6775
mblocher@costargroup.com
Source: CoStar Group
