January 26, 2010
Together with BizBuySell, the acquisition of BizQuest complements and solidifies LoopNet's leadership in the online business-for-sale marketplace sector.
San Francisco, CA - January 26, 2010 -- LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace and the largest business for sale marketplace, BizBuySell, announced today that it has acquired the assets of privately-held BizQuest, LLC to complement its leading position in the online business-for-sale marketplace sector.
Founded in 1994 and headquartered in Pasadena, California, BizQuest.com is a leader in aggregating sellers, buyers and brokers in the small business-for-sale market. BizQuest currently offers over 35,000 businesses for sale, an industry-leading franchise directory, as well as other tools and services for aspiring small business buyers and sellers.
"Together, BizBuySell and BizQuest will offer our customers unparalleled exposure to help facilitate faster transactions and more competitive bids on their businesses for sale," said Mike Handelsman, LoopNet's Group General Manager for the small business market. "We will also begin to address one of the most significant pain points for our broker customers, entering listings on multiple websites. Soon broker customers of both sites will be able to enter and manage a business listing on BizBuySell and have it automatically and seamlessly display on BizQuest as well."
BizQuest, which will operate as a division of LoopNet, likewise anticipates the acquisition will serve to benefit its existing clientele.
"LoopNet's acquisition of BizQuest and the ability to coordinate with and leverage the coverage of BizBuySell will allow us to offer even greater exposure and value to our customers," said Dylan Garland, CEO of BizQuest, LLC. "We expect this will be a major milestone for the business-for-sale industry as the seamless integration and time-saving capabilities resulting from the acquisition will benefit sellers and business brokers alike."
LoopNet does not currently expect the acquisition of BizQuest to have a material impact on its 2010 financial results.
BizQuest, available at www.BizQuest.com, covers all business-for-sale categories, including restaurant, retail, service, manufacturing and other small business sectors. BizQuest has more than 35,000 businesses for sale and, with over 300 franchise and business opportunities at www.FindAFranchise.com, one of the largest franchise directories available online.
BizBuySell, available at www.BizBuySell.com, also covers all business-for-sale categories, including restaurant, retail, service, manufacturing and other small business sectors. It has more than 45,000 businesses for sale, and more than 325 franchise and business opportunities in its franchise directory.
LoopNet, Inc., a leading information services provider to the commercial real estate industry, delivers a comprehensive suite of products and services to meet the national and local needs of commercial real estate firms, organizations and professionals. LoopNet members can list, search, market and research commercial real estate properties over the Internet - reducing their marketing costs, expanding their reach, accelerating the pace of transactions and enhancing their insights on the market.
LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 3.9 million registered members and 945,000 average monthly unique visitors. The LoopNet online marketplace contains more than $480 billion of property available for sale and 6.3 billion square feet of property available for lease. LoopNet's market-leading LoopLink product powers the web sites of more than 1,000 commercial real estate organizations and seamlessly integrates their web sites with LoopNet's listing service at www.LoopNet.com.
LoopNet customers include virtually all of the top commercial real estate firms and organizations in the U.S., including CB Richard Ellis, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, The CORE Network, CORFAC International, Cushman & Wakefield, First Industrial Realty Trust, Grubb & Ellis, Jones Lang LaSalle, Lee & Associates, Lincoln Property Company, Marcus & Millichap, NAI Global, ONCOR International, ProLogis, Prudential CRES, RE/MAX, Retail Brokers Network, SIOR, Sperry Van Ness, and TCN Worldwide.
LoopNet also owns and operates BizBuySell, the largest and most heavily trafficked online exchange for businesses for sale in North America, with more business listings, users and search activity than any other web site. BizBuySell features over 45,000 businesses for sale listings, more than 650,000 average monthly visits, and has the largest database of sale comparables for recently sold businesses.
This release contains forward-looking statements regarding LoopNet's anticipated synergies from our acquisition of BizQuest, LLC's assets, including our ability to provide greater value and exposure to aspiring small business buyers and sellers, our efforts to differentiate our online commercial marketplace, the impact of the acquisition on our 2010 financial results, our customers, the integration of the acquired business, our listing partners, the continuing adoption of the Internet to market and search for commercial real estate, and the advantages of our online marketplace and the value we provide to our members. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, our ability to successfully integrate the technologies, operations and personnel of the acquired business in a timely manner; our ability to obtain the expected strategic and financial benefits from the acquisition; on-going volatility in the commercial real estate market and business for sale market; our ability to introduce new or upgraded products or services and customer acceptance of such services; economic events or trends in the credit market or in general; our ability to continue to attract new registered members, convert them into Premium Members and retain such Premium Members; our ability to receive timely and accurate sales data from our partners; our ability to manage our growth; our ability to obtain or retain listings from commercial real estate brokers, agents and property owners; and competition from current or future companies. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.
Walker Sands Communications
office: (312) 546-4712
BizBuySell is the Internet's largest business for sale marketplace. Since 1996, BizBuySell has offered tools that make it easy for business owners and brokers to sell a business, and potential buyers to find the business of their dreams. BizBuySell currently has an inventory of approximately businesses - spanning 80 countries - for sale at any one time and receives more than monthly visits. The site also features an extensive franchise directory as well as an easy-to-use business valuation tool. Please visit www.bizbuysell.com for more information.
BizBuySell was founded in 1996 and in 2012 became a division of CoStar Group, Inc. (NASDAQ - CSGP) - commercial real estate's leading provider of information and analytic services. CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information and offers a suite of online services enabling clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. For more information, visit www.costar.com.
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