WASHINGTON, June 29, 2011 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information and analytic services, today announced the election of David J. Steinberg, Chief Executive Officer of SnappCloud, Inc., to its Board of Directors. Steinberg's nomination to the Board was approved at CoStar's recent 2011 annual stockholders meeting.
With over 30 years of leadership experience in sales, operations, technology and executive management, Steinberg, 53, is active in the business communities of Washington, DC, and Silicon Valley, and has grown many early stage technology companies by developing focused marketing and leveraged channel sales programs. Since September 2009, he has been CEO of SnappCloud, Inc., a cloud computing company that integrates online cloud software applications for distribution by large PC and software OEMs. Prior to that, he co-founded SwapDrive, Inc., one of the most innovative and successful cloud software companies. As Chairman and Chief Executive Officer of SwapDrive, Steinberg grew the company through its sale to Symantec Corp. in 2008. He also founded bridge2bridge, where he helped companies at all stages with strategy in the areas of business development, marketing channels and capital formation.
"David brings to our Board a deep understanding of cutting edge web technology," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "He is a recognized leader in cloud and app marketing and sales, and will provide unique insight for CoStar's service offerings."
Steinberg joins CoStar's Board of Directors, which consists of Florance; Chairman Michael R. Klein, Chairman of the Board of the Sunlight Foundation; David Bonderman, Founding Partner of TPG Capital, L.P.; Michael J. Glosserman, Managing Member, The JBG Companies; Warren H. Haber, Chairman and CEO of Founders Equity Inc.; and Christopher J. Nassetta, CEO and President of Hilton Worldwide.
Steinberg is a member of the advisory board of venture capital firm Core Capital Partners and sits on several non-profit boards of directors, including the SEED School of Washington DC, We are Family, and St. John's Preschool, all located in Washington, DC. He also serves on the boards of directors of two privately held companies, SingleClick Systems and SolSystems. He received a B.S. in physiological psychology from the University of Cincinnati.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information and analytic services. 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. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2010, and Form 10-Q for the quarter ended March 31, 2011, under the heading "Risk Factors." All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements, whether as a result of new information, future events or otherwise.