CoStar Group has made its second acquisition of the pandemic, this time buying a European commercial real estate data firm.
CoStar Group’s HQ at 1331 L St. NW in Washington, D.C.
The D.C.-based commercial real estate data giant announced Tuesday it acquired Emporis, a Hamburg, Germany-based firm with data on 700,000 buildings across 100 countries.
It didn’t disclose the acquisition price, but CoStar CEO Andy Florance on the firm’s Q3 earnings call Tuesday evening described it as a minor deal.
“It’s in line with the coffee budget, and lately we haven’t been using much coffee here at CoStar,” Florance said in response to an analyst’s question about the purchase price. “It’s a relatively small purchase price, small revenue stream.”
Florance added that the company plans to integrate Emporis’ data into its platform, and the acquisition is part of its larger efforts to expand its global reach.