CoStar Group has announced its definitive agreement to acquire Visual Lease, a leading lease administration and accounting platform, in a strategic move to bolster its Real Estate Manager business line. Founded in 1996, Visual Lease serves over 1,500 organizations across various sectors, offering integrated lease management, accounting, and reporting solutions. The acquisition aims to provide enhanced lease management and accounting capabilities, leveraging CoStar’s extensive data and analytics.

Both companies share a mission to streamline lease management into a single, user-friendly platform. This partnership is expected to accelerate growth and expand service offerings for clients, with plans to integrate Visual Lease's functionalities into CoStar Real Estate Manager. The combined expertise of both organizations will enhance their market position and improve customer experiences.

Citi and Shea & Company served as financial advisors for CoStar Group and Visual Lease, respectively. The financial details of the acquisition have not been disclosed, but further insights will be provided during CoStar Group's earnings conference call.