WASHINGTON, May 16, 2014 (GLOBE NEWSWIRE) --
Mr. Linnington served as Bloomberg Americas Senior Vice President of Sales & Marketing from 2001 to 2008, where he managed revenue of $2.5 billion and oversaw a staff of 700 across five business units, including Terminal Subscriptions, Trading Systems, Data, Ecommerce and Media Sales. Mr. Linnington comes to CoStar Group with over 25 years of sales and sales leadership experience, including 17 years in a series of executive sales management roles for Bloomberg in London, the Nordic Region and New York. He also served as Regional Head of Emerging Markets, where he managed Bloomberg's expansion in India and established a new regional hub in Dubai.
"With our overall sales organization now at approximately 600 people, it has more than doubled in size compared to when we acquired LoopNet two years ago," stated CoStar Group Founder and CEO Andrew C. Florance. "Max has an outstanding track record driving revenue growth. He has tremendous experience structuring large sales organizations and setting and implementing sales strategies across broad customer segments and regions. His experience will be extremely valuable as we pursue our near-term goals of increasing the size and productivity of our sales force and realigning sales resources to achieve greater penetration among key customer groups, as we drive toward our goal of $1 billion in revenue and beyond."
Mr. Linnington has a BA in Financial Services from Bristol Business School, University of the West of England, Bristol, United Kingdom.
John Stanfill, CoStar Group's Senior Vice President of Sales & Customer Service, will be assisting in the transition and plans to leave the Company later this year to pursue personal interests.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 8 million registered members. CoStar operates websites that have over 17 million unique monthly visitors in aggregate. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of over 2,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's financial expectations, the Company's plans, objectives, expectations and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risk that the size of CoStar's sales force is not increased to the level expected or when expected; the risk that CoStar is unable to achieve the goals set forth in this release as or when expected; and the possibility that Mr. Stanfill's or the Company's plans with respect to the transition change. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar Group's Annual Report on Form 10-K for the year ended December 31, 2013, and Form 10-Q for the quarter ended March 31, 2014, each filed with the SEC, including in the "Risk Factors" section of those filings, and the Company's other filings with the SEC available at the SEC's website (www.sec.gov). CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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