WILMINGTON, DE—Commercial property data provider Xceligent Inc. has ceased operations and filed for Chapter 7 liquidation in US Bankruptcy Court here. The announcement of the shutdown Friday by DMGT, Xceligent's London-based parent company since 2012, comes two weeks after the Wall Street Journal reported that settlement talks between Xceligent and rival CoStar Group, each of which had filed suit against the other, had broken down.

DMGT announced this past Nov. 30 that Xceligent's new management team was undertaking a strategic review. This followed a reduction in Xceligent's carrying value to zero in the face of earnings that fell short of expectations.

Pursuing Xceligent's “incredibly labor intensive process” of collecting market data one city at a time, “our strategy was to generate revenue in each local market with a view to generating significant revenue once Xceligent had sufficient national coverage in order to offer the brokers an alternative to the incumbent CoStar,” DMGT CFO Paul Collier said on a Nov. 30 earnings call. “This year we expanded into the US's largest market, New York City, and quite candidly the revenues were disappointing. And that suggests a longer and more challenging path to profitability for Xceligent.”