CoStar Group has struck a deal to acquire a software platform that aims to boost the firm's real estate management operations.
This is for Visual Lease, which was founded in 1996 and has been used by more than 1,500 organizations involved with healthcare, construction, manufacturing, and retail. In its third-quarter conference call, executives at CoStar said it made the acquisition for $272.5 million.
The platform, backed by Growth Street Partners and Spectrum Equity, offers clients solutions for accounting, reporting, and lease management. Plus, Visual Lease offers a support team for assistance.
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