CoStar Group, a provider of online real estate marketplaces, information and analytics in the property markets, announced that it has completed its acquisition of lease administration and accounting platform Visual Lease. The strategic acquisition will enhance CoStar Group’s Real Estate Manager business line and provide additional lease management and lease accounting value to corporations of all sizes.
Founded in 1996, Visual Lease is a 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.
“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,” said Andy Florance, founder and CEO of CoStar Group. “Welcoming Visual Lease to CoStar Group is a significant milestone in our journey, opening new opportunities for both our clients and employees moving forward.”
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.
The merger 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.
Visual Lease’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.
