CoStar Group Inc. (NASDAQ: CSGP) has acquired the agricultural data company Ag-Analytics.
According to the companies, the acquisition will extend CoStar Group’s Land.com platform into the agricultural land sector by incorporating data capabilities for farmland, forestland, recreational, and other rural properties through Ag-Analytics’ AcreValue platform. Ag-Analytics has a strategic alliance with Farmer Mac, the nation’s secondary market for agricultural credit that leverages the AcreValue platform as a channel to further their lending market,
The financial aspects of the transaction were not disclosed.
“The addition of Ag-Analytics services into the Land.com platform is yet another example of how CoStar Group blends best in class platforms and leading analytics to support real estate owners, brokers, operators, and professionals,” said Andy Florance, founder and CEO of Arlington, Virginia-based CoStar Group. “We have identified a massive market potential, with farm sector real estate alone representing a $3.4 trillion asset class, creating a range of opportunities to maximize revenue and provide increased value for our clients. Together, we will set a new standard for data-driven decision-making in the land and real estate market. I look forward to working with the Ag-Analytics team on these incredible opportunities.”
“We are excited to join CoStar and be part of its industry-leading real estate network,” added Joshua Woodard, founder of Ithaca, New York-based Ag-Analytics. “AcreValue and Land.com bring strong synergies in land data and analytics, expanding our ability to provide valuable insights and innovative solutions to landowners and buyers.”
