CoStar Group Inc. (NASDAQ: CSGP) posted record revenue of $306 million in the third quarter, a 23 percent jump from the same period last year, putting it on track to surpass a goal CEO Andy Florance has been shooting for since 2014.
The District-based commercial real estate data company’s fortunes have been driven higher by a number of factors, including the migration of customers from former competitor Xceligent Inc.. It also comes as the company continues to go after people and companies unlawfully accessing its proprietary data.
Those factors helped CoStar meet the first part of a pledge the company made four years ago to post $250 million in revenue by the fourth quarter of this year. It fell just short of its other pledge — an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin of 40 percent — posting a margin of 36 percent.
“Clearly, with a $306 million per quarter this quarter, we are on track to smash through the revenue goal, and with…Read the full story from the Washington Business Journal.