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CoStar Group Acquires Ten-X Commercial Auction Platform for $190M
CoStar Group has closed the previously announced acquisition of Ten-X for $190 million in cash. The firm plans to integrate the Ten-X auction platform into both LoopNet and CoStar.
“We are pleased that we were able to close on our acquisition of Ten-X so quickly, and we look forward to getting to work on combining the strengths of Ten-X with the strengths of CoStar Group to make the platform even more valuable for our brokers and the institutions they represent,” said Andy Florance, CEO at CoStar Group.
Ten-X has facilitated $24 billion in transactions since 2009 by partnering with commercial real estate brokers and providing them with a technology that reduces time to sale and speeds up commission payments. All transactions conducted on the Ten-X platform require a broker, and since inception the platform has helped brokers earn close to one billion dollars in fees.
Sellers on the Ten-X platform benefit from technology that exposes their property to a global audience of qualified buyers, with trusted underwriting, transparency from seller dashboards, real-time updates, and established contracting and closing.
*Pictured above is Andy Florance of CoStar Group
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- ◦Sale/Acquisition
