CoStar and Bloomberg are the best comps for financial software for institutional investors

CoStar has over 180,000 users with a $31B market cap

• CoStar and Bloomberg charge $500 - $4,000 per user per month
• CoStar Group (CGSP) has $2.75B in revenue
• CoStar Group trades at 144x earnings for a $31B market cap
• Bloomberg has 325,000 users

Total Value of Global Real Estate

Real estate is the world’s largest asset class. According to Savills, CRE is a $50T+ asset class as of 2022

https://www.savills.com/impacts/market-trends/the-total-value-of-global-real-estate-property-remains-the-worlds-biggest-store-of-wealth.html#:~:text=Just over three-quarters of,while agricultural land represents 11%25.

Transaction Volume

US commercial sales & debt originations

https://www.savills.com/impacts/market-trends/global-real-estate-investment-outlook-for-2023.html#:~:text=There will be no shortage,above the 10-year average.

https://www.cbre.com/insights/briefs/global-investment-declines-sharply-in-q4-2022#:~:text=Global commercial real estate investment,20%25 from 2021's record amount.

Deals in Market

Number of deals being underwritten in the market is MUCH larger than represented by investment sales data